May PPI
Updated: 12-Jun-25 10:05 ET





Highlights

• The Producer Price Index for final demand increased 0.1% month-over-month in May (Briefing.com consensus 0.2%) after decreasing a revised 0.2% (from -0.5%) in April.
• The Producer Price Index for final demand, less foods and energy, also increased 0.1% month-over-month (Briefing.com consensus 0.3%), while the April reading was revised up to -0.2% from -0.4%.
• On a year-over-year basis, the index for final demand was up 2.6%, versus an upwardly revised 2.5% in April (from 2.4%), while the index for final demand, less foods and energy, was up 3.0%, versus an upwardly revised 3.2% (from 3.1%) in April.

Key Factors

• The index for final demand goods rose 0.2% after ticking up 0.1% in April.
• The index for final demand services ticked up 0.1% after decreasing 0.4% in April.
• The index for processed goods for intermediate demand rose 0.1% after increasing 0.3% in April.
• The index for unprocessed goods for intermediate demand fell 1.6% with more than 75% of the decrease owed to a 3.5% drop in the index for unprocessed energy materials.

Big Picture

• The key takeaway from the report is that the positive impact of a cooler-than-expected reading is largely being offset by upward revisions to readings from April. That said, the year-over-year Core PPI rate decelerated to 3.0% from 3.2%, which is a positive development.

Category	MAY	APR	MAR	FEB	JAN
Final Demand	0.1%	-0.2%	-0.1%	0.1%	0.7%
Core (excluding ...)
Food and Energy	0.1%	-0.2%	0.3%	0.1%	0.6%
Food, Energy, and Trade	0.1%	-0.1%	0.2%	0.4%	0.4%
Final Demand Goods
Total	0.2%	0.1%	-0.9%	0.3%	0.7%
Energy	0.0%	0.1%	-3.9%	-1.4%	2.0%
Finished Goods	0.2%	0.1%	-0.9%	0.3%	0.7%
Final Demand Services
Total	0.1%	-0.4%	0.3%	0.1%	0.7%
Trade	0.4%	-0.5%	0.6%	-0.7%	1.2%
Intermediate Demand
Processed	0.1%	0.3%	-0.1%	0.4%	1.0%
Unprocessed	-1.6%	-3.7%	-3.9%	0.2%	5.8%
Services	0.1%	-0.3%	0.4%	0.0%	0.1%