The Producer Price Index (PPI) reported that overall final demand prices increased by 3.3 percent in 2024 and rose by 0.2 percent over the last month.

According to the report, the rise in demand over the month was attributable to a 0.6 percent advance in the index for final demand – goods. The index for final demand – services remained unchanged.

For final demand – goods, most of the growth over the month was attributable to the gasoline index, which increased 9.7 percent. Additionally, prices for residential power, meats, vehicles, and fresh fruits rose. The fresh and dry vegetables index declined 14.7 percent. The index for carbon steel scrap and residual fuels fell as well.

Specific indexes shifted for final demand – services even though the total index did not change from the prior month. The prices of passenger transportation increased by 7.2 percent. Deposit services, automotive fuel and lubricants, food retailing, and chemicals and allied products wholesaling indexes also increased. However, prices for traveler accommodation services fell by 6.9 percent. Machinery and vehicle wholesaling, loan services, food wholesaling, and furniture retailing indexes also decreased during that time.

The full PPI report can be found here.