Producer Price Index News Release summary

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PRODUCER PRICE INDEXES - MAY 2026

The Producer Price Index for final demand rose 1.1 percent in May, seasonally adjusted, the U.S. Bureau of Labor Statistics reported today. Final demand prices advanced 1.1 percent in April and 0.7 percent in March. (See table A.) On an unadjusted basis, the index for final demand increased 6.5 percent for the 12 months ended in May, the largest 12-month rise since moving up 7.4 percent in November 2022.

Nearly 80 percent of the May advance in final demand prices is attributable to a 2.8-percent increase in the index for final demand goods. Prices for final demand services moved up 0.3 percent.

The index for final demand less foods, energy, and trade services rose 0.8 percent in May, the largest advance since increasing 0.9 percent in March 2022. For the 12 months ended in May, prices for final demand less foods, energy, and trade services moved up 5.1 percent, the largest 12-month rise since jumping 5.5 percent in October 2022.

Final Demand

Final demand goods: The index for final demand goods moved up 2.8 percent in May, the largest increase since data were first calculated in December 2009. Eighty percent of the broad-based advance can be traced to a 10.7-percent jump in prices for final demand energy.

The indexes for final demand goods less foods and energy and for final demand foods also rose, 0.8 percent and 0.6 percent, respectively.

Product detail: Over half of the May advance in prices for final demand goods is attributable to a 23.4-percent increase in the index for gasoline. Prices for diesel fuel, jet fuel, plastic resins and materials, industrial chemicals, and natural gas liquids also rose. In contrast, the index for pork fell 10.1 percent. Prices for residential electric power and for sanitary paper products also declined. (See table 2.)

Final demand services: The index for final demand services moved up 0.3 percent in May following a 0.7-percent advance in April. Leading the May increase, prices for final demand services less trade, transportation, and warehousing rose 0.7 percent. The index for final demand transportation and warehousing services moved up 2.6 percent. Conversely, margins for final demand trade services decreased 1.1 percent. (Trade indexes measure changes in margins received by wholesalers and retailers).

Product detail: Over 40 percent of the May advance in the index for final demand services can be traced to a 4.8-percent rise in prices for portfolio management. The indexes for truck transportation of freight; securities brokerage, dealing, investment advice, and related services; chemicals and allied products wholesaling; food wholesaling; and airline passenger services also increased. In contrast, margins for machinery and equipment wholesaling fell 1.9 percent. The indexes for fuels and lubricants retailing and for residential real estate loans (partial) also moved lower.

Table A. Monthly and 12-month percent changes in selected final demand price indexes, seasonally adjusted

Month Totalfinaldemand Finaldemandlessfoods,energy,andtrade Final demand goods Final demand services Changein finaldemandfrom 12monthsago(unadj.) Changein finaldemandlessfoods,energy,andtradefrom 12mo.

ago(unadj.)

Total Foods Energy Lessfoodsandenergy Total Trade Transportationandwarehousing Other

2025

May 0.3 0.1 0.1 0.2 -0.2 0.3 0.4 1.3 0.0 0.1 2.7 2.7

June 0.2 0.1 0.3 0.2 0.9 0.2 0.1 0.0 -0.6 0.2 2.4 2.6

July 0.8 0.7 0.6 1.2 0.7 0.4 0.9 1.2 1.4 0.7 3.2 2.9

Aug. -0.2 0.3 0.2 -0.1 -0.2 0.4 -0.3 -2.1 0.6 0.3 2.7 3.0

Sept. 0.6 0.2 0.6 0.8 2.0 0.2 0.6 1.6 0.7 0.2 3.0 3.0

Oct. 0.1 0.6 -0.2 -0.4 -2.2 0.5 0.2 -0.9 0.0 0.7 2.8 3.5

Nov. 0.4 0.3 0.8 0.1

3.4 0.2 0.3 0.2 0.8 0.2 3.1 3.6

Dec. 0.4 0.1 -0.1 -0.2 -1.5 0.4 0.6 1.8 0.2 0.0 3.1 3.4

2026

Jan.(1) 0.6 0.5 -0.1 -1.3 -1.7 0.7 0.9 2.0 1.0 0.3 3.1 3.5

Feb.(1) 0.5 0.5 1.0 2.3 2.1 0.3 0.3 -0.3 0.8 0.5 3.4 3.5

Mar.(1) 0.7 0.2 2.0 -0.6 10.4 0.3 0.2 0.4 2.1 0.0 4.3 3.6

Apr.(1) 1.1 0.5 1.9 0.2 7.5 0.7 0.7 1.3 3.8 0.1 5.7 4.4

May 1.1 0.8 2.8 0.6 10.7 0.8 0.3 -1.1 2.6 0.7 6.5 5.1

Footnotes (1) Some of the figures shown above and elsewhere in this release may differ from those previously reported because data for January through April have been revised to reflect the availability of late reports and corrections by respondents.

Intermediate Demand by Commodity Type

Within intermediate demand in May, prices for processed goods increased 3.5 percent, the index for unprocessed goods rose 4.9 percent, and prices for services moved up 0.5 percent. (See tables B and C.)

Processed goods for intermediate demand: The index for processed goods for intermediate demand rose 3.5 percent in May, the largest advance since moving up 3.5 percent in March 2021. Over 60 percent of the broad-based May increase can be attributed to a 10.4-percent jump in prices for processed energy goods. The indexes for processed materials less foods and energy and for processed foods and feeds also moved higher, 1.8 percent and 0.7 percent, respectively. For the 12 months ended in May, prices for processed goods for intermediate demand advanced 13.3 percent, the largest 12-month rise since increasing 14.3 percent in August 2022.

Product detail: Nearly a quarter of the May increase in the index for processed goods for intermediate demand can be attributed to a 15.7-percent rise in prices for diesel fuel. The indexes for gasoline, industrial chemicals, jet fuel, plastic resins and materials, and lubricating oil base stocks also advanced. Conversely, prices for pork declined 10.1 percent. The indexes for asphalt and for particleboard and fiberboard also moved lower.

Unprocessed goods for intermediate demand: Prices for unprocessed goods for intermediate demand moved up 4.9 percent in May following a 1.5-percent advance in April. Half of the broad- based May increase can be attributed to a 6.9-percent jump in the index for unprocessed energy materials. Prices for unprocessed foodstuffs and feedstuffs and for unprocessed nonfood materials less energy also rose, 4.8 percent and 2.6 percent, respectively.

For the 12 months ended in May, the index for unprocessed goods for intermediate demand moved up 22.2 percent, the largest 12-month advance since increasing 29.2 percent in September 2022.

Product detail: More than two-thirds of the May increase in prices for unprocessed goods for intermediate demand can be traced to an 11.8-percent advance in the index for crude petroleum. Prices for corn; slaughter cattle; raw milk; aluminum base scrap; and hay, hayseeds, and oilseeds also rose. In contrast, the index for natural gas decreased 18.2 percent. Prices for slaughter barrows and gilts and for high-grade recyclable paper also declined.

Table B. Monthly and 12-month percent changes in selected intermediate demand price indexes for goods by commodity type, seasonally adjusted

Month Processed goods for intermediate demand Unprocessed goods for intermediate demand

Total Foodsandfeeds Energygoods Lessfoodsandenergy Total,changefrom 12monthsago(unadj.) Total Foodstuffsandfeedstuffs Energymaterials Nonfoodmaterialslessenergy Total,changefrom 12monthsago(unadj.)

2025

May 0.2 0.7 -1.5 0.5 1.8 -1.6 1.2 -5.0 -0.9 -1.2

June -0.1 -0.3 -0.1 0.0 1.8 2.2 0.9 5.1 0.7 0.6

July 0.7 -0.2 2.2 0.4 2.1 1.3 0.7 1.9 1.5 0.2

Aug. 0.4 0.6 0.2 0.4 2.6 -1.8 -0.4 -4.3 -0.5 1.7

Sept. 0.2 0.7 0.1 0.2 3.7 -0.5 0.4 -2.8 1.2 3.6

Oct. -0.1 -1.6 -0.6 0.2 3.1 -1.3 -1.8 -4.1 3.3 -0.6

Nov. 0.6 -0.3 3.0 0.1 3.6 2.4 -0.3 3.9 4.5 2.0

Dec. 0.1 -1.0 -2.4 0.8 3.5 2.1 -2.2 6.9 2.2 1.0

2026

Jan.(1) 0.1 -0.3 -1.2 0.5 2.8 4.3 -3.0 13.4 3.8 -0.1

Feb.(1) 1.5 0.2 5.1 0.8 4.0 5.9 4.4 11.6 1.0 5.5

Mar.(1) 2.9 0.6 12.8 0.7 6.8

-0.3 0.8 -1.6 0.9 9.3

Apr.(1) 2.7 0.4 7.7 1.6 9.5 1.5 0.3 4.3 -0.5 14.6

May 3.5 0.7 10.4 1.8 13.3 4.9 4.8 6.9 2.6 22.2

Footnotes (1) Some of the figures shown above and elsewhere in this release may differ from those previously reported because data for January through April have been revised to reflect the availability of late reports and corrections by respondents.

Services for intermediate demand: The index for services for intermediate demand increased 0.5 percent in May after rising 0.9 percent in April. More than 70 percent of the May advance is attributable to prices for services less trade, transportation, and warehousing for intermediate demand, which moved up 0.5 percent. The index for transportation and warehousing services for intermediate demand increased 1.2 percent. Conversely, margins for trade services for intermediate demand fell 0.2 percent. For the 12 months ended in May, prices for services for intermediate demand jumped 4.7 percent, the largest 12-month advance since rising 4.7 percent in July 2023.

Product detail: Over 40 percent of the May increase in the index for services for intermediate demand can be traced to a 5.4-percent rise in prices for securities brokerage, dealing, investment advice, and related services. The indexes for transportation of freight and mail; chemicals and allied products wholesaling; portfolio management; metals, minerals, and ores wholesaling; and food wholesaling also advanced. In contrast, margins for machinery and equipment parts and supplies wholesaling declined 1.2 percent.