---
ticker: "USCOREPPIFD"
title: "U.S. Core Final Demand Producer Price Index"
unit: "index"
frequency: "Monthly"
source: "Eckstein (1981); Laspeyres (1871)"
release: "Updated Monthly"
category: "Consumer & Producer Prices"
country: "US"
language: "en"
canonical: "https://kred.dev/en/series/USCOREPPIFD"
license: "https://creativecommons.org/licenses/by-nc-nd/4.0/"
latest_value: 156.17
latest_date: "2026-09-01"
first_date: "2010-04-01"
observations_total: 198
observations_shown: 120
---

# U.S. Core Final Demand Producer Price Index

## Overview

The US final-demand producer price index excluding foods and energy, the core counterpart of the final-demand level and on its own reference base.

## Key Figures

|  | Value | Date |
|---|---|---|
| Latest | 156.17 | 2026-09-01 |
| Change from previous | +1.06 | 2026-08-01 |
| Change over one year | +7.41 | 2025-09-01 |
| Highest on record | 156.17 | 2026-09-01 |
| Lowest on record | 99.90 | 2010-04-01 |
| Period covered | 2010-04-01 – 2026-09-01 |  |
| Observations | 198 |  |

## Recent observations

| Date | Value | Change |
|---|---|---|
| 2016-10-01 | 110.50 | +0.10 |
| 2016-11-01 | 110.80 | +0.30 |
| 2016-12-01 | 110.90 | +0.10 |
| 2017-01-01 | 111.30 | +0.40 |
| 2017-02-01 | 111.20 | -0.10 |
| 2017-03-01 | 111.40 | +0.20 |
| 2017-04-01 | 111.90 | +0.50 |
| 2017-05-01 | 112.20 | +0.30 |
| 2017-06-01 | 112.30 | +0.10 |
| 2017-07-01 | 112.40 | +0.10 |
| 2017-08-01 | 112.60 | +0.20 |
| 2017-09-01 | 112.70 | +0.10 |
| 2017-10-01 | 113.20 | +0.50 |
| 2017-11-01 | 113.40 | +0.20 |
| 2017-12-01 | 113.40 | 0.00 |
| 2018-01-01 | 113.80 | +0.40 |
| 2018-02-01 | 114.00 | +0.20 |
| 2018-03-01 | 114.40 | +0.40 |
| 2018-04-01 | 114.50 | +0.10 |
| 2018-05-01 | 114.80 | +0.30 |
| 2018-06-01 | 115.30 | +0.50 |
| 2018-07-01 | 115.50 | +0.20 |
| 2018-08-01 | 115.50 | 0.00 |
| 2018-09-01 | 115.60 | +0.10 |
| 2018-10-01 | 116.40 | +0.80 |
| 2018-11-01 | 116.60 | +0.20 |
| 2018-12-01 | 116.70 | +0.10 |
| 2019-01-01 | 116.70 | 0.00 |
| 2019-02-01 | 116.90 | +0.20 |
| 2019-03-01 | 117.00 | +0.10 |
| 2019-04-01 | 117.50 | +0.50 |
| 2019-05-01 | 117.70 | +0.20 |
| 2019-06-01 | 117.70 | 0.00 |
| 2019-07-01 | 118.00 | +0.30 |
| 2019-08-01 | 118.20 | +0.20 |
| 2019-09-01 | 117.90 | -0.30 |
| 2019-10-01 | 118.20 | +0.30 |
| 2019-11-01 | 118.00 | -0.20 |
| 2019-12-01 | 118.20 | +0.20 |
| 2020-01-01 | 118.60 | +0.40 |
| 2020-02-01 | 118.20 | -0.40 |
| 2020-03-01 | 118.30 | +0.10 |
| 2020-04-01 | 117.90 | -0.40 |
| 2020-05-01 | 117.90 | 0.00 |
| 2020-06-01 | 118.10 | +0.20 |
| 2020-07-01 | 118.70 | +0.60 |
| 2020-08-01 | 118.80 | +0.10 |
| 2020-09-01 | 119.10 | +0.30 |
| 2020-10-01 | 119.70 | +0.60 |
| 2020-11-01 | 119.70 | 0.00 |
| 2020-12-01 | 119.90 | +0.20 |
| 2021-01-01 | 120.90 | +1.00 |
| 2021-02-01 | 121.30 | +0.40 |
| 2021-03-01 | 121.90 | +0.60 |
| 2021-04-01 | 123.20 | +1.30 |
| 2021-05-01 | 124.20 | +1.00 |
| 2021-06-01 | 124.90 | +0.70 |
| 2021-07-01 | 126.26 | +1.36 |
| 2021-08-01 | 127.26 | +1.00 |
| 2021-09-01 | 127.48 | +0.23 |
| 2021-10-01 | 128.05 | +0.57 |
| 2021-11-01 | 129.39 | +1.34 |
| 2021-12-01 | 130.27 | +0.88 |
| 2022-01-01 | 131.33 | +1.06 |
| 2022-02-01 | 132.10 | +0.78 |
| 2022-03-01 | 133.69 | +1.59 |
| 2022-04-01 | 134.28 | +0.59 |
| 2022-05-01 | 134.90 | +0.62 |
| 2022-06-01 | 135.30 | +0.39 |
| 2022-07-01 | 135.87 | +0.58 |
| 2022-08-01 | 136.44 | +0.57 |
| 2022-09-01 | 136.64 | +0.20 |
| 2022-10-01 | 136.93 | +0.28 |
| 2022-11-01 | 137.50 | +0.58 |
| 2022-12-01 | 137.70 | +0.19 |
| 2023-01-01 | 137.92 | +0.23 |
| 2023-02-01 | 138.28 | +0.35 |
| 2023-03-01 | 138.21 | -0.07 |
| 2023-04-01 | 138.51 | +0.30 |
| 2023-05-01 | 138.67 | +0.16 |
| 2023-06-01 | 138.70 | +0.03 |
| 2023-07-01 | 139.56 | +0.86 |
| 2023-08-01 | 139.84 | +0.28 |
| 2023-09-01 | 139.82 | -0.02 |
| 2023-10-01 | 139.88 | +0.06 |
| 2023-11-01 | 140.18 | +0.30 |
| 2023-12-01 | 140.14 | -0.04 |
| 2024-01-01 | 140.68 | +0.54 |
| 2024-02-01 | 141.18 | +0.50 |
| 2024-03-01 | 141.35 | +0.17 |
| 2024-04-01 | 142.04 | +0.69 |
| 2024-05-01 | 142.41 | +0.37 |
| 2024-06-01 | 143.26 | +0.85 |
| 2024-07-01 | 143.19 | -0.08 |
| 2024-08-01 | 143.81 | +0.62 |
| 2024-09-01 | 144.44 | +0.63 |
| 2024-10-01 | 144.91 | +0.47 |
| 2024-11-01 | 144.91 | -0.01 |
| 2024-12-01 | 145.37 | +0.46 |
| 2025-01-01 | 146.18 | +0.81 |
| 2025-02-01 | 146.43 | +0.25 |
| 2025-03-01 | 146.69 | +0.26 |
| 2025-04-01 | 146.38 | -0.31 |
| 2025-05-01 | 146.95 | +0.56 |
| 2025-06-01 | 147.12 | +0.17 |
| 2025-07-01 | 148.28 | +1.17 |
| 2025-08-01 | 148.00 | -0.28 |
| 2025-09-01 | 148.77 | +0.77 |
| 2025-10-01 | 149.22 | +0.45 |
| 2025-11-01 | 149.59 | +0.38 |
| 2025-12-01 | 150.35 | +0.76 |
| 2026-01-01 | 151.60 | +1.25 |
| 2026-02-01 | 152.03 | +0.43 |
| 2026-03-01 | 152.47 | +0.44 |
| 2026-04-01 | 153.59 | +1.12 |
| 2026-05-01 | 153.58 | -0.02 |
| 2026-06-01 | 154.20 | +0.62 |
| 2026-07-01 | 154.74 | +0.54 |
| 2026-08-01 | 155.12 | +0.38 |
| 2026-09-01 | 156.17 | +1.06 |

## Definition

USCOREPPIFD is the producer price index for final demand less foods and energy, which measures the average change over time in the selling prices producers receive for output sold to final demand once those strata are removed, recorded as the published level (April 2010 = 100) without any transformation and seasonally adjusted at source. USPPI records a different producer-price aggregate, the all-commodities basket taken without seasonal adjustment and anchored at 1982 = 100, so the two series differ at once in the basket they cover, in the seasonal convention, and in the reference base, and this level is the core counterpart of the final-demand level served as USPPIFD rather than a variant of that all-commodities level.

As an aggregate price index, its level follows the base-period-quantity-weighted fixed-basket construction over the strata that remain (Laspeyres 1871), which is paired with the comparison-period-weighted form (Paasche 1874).

The two forms are reconciled by the geometric ideal index that satisfies the time- and factor-reversal tests and by the expenditure-share-weighted log-change form (Fisher 1922; Törnqvist 1936), and whether a given formula is exact or superlative for an aggregator function is settled by the ideal-index literature (Diewert 1976).

The economic-theoretic object this index approximates is the expenditure or revenue ratio with the underlying program held fixed, and it sits within the cost-of-living tradition and the output-price reading systematized by the four approaches (Konüs 1939; Diewert 2002).

The axiomatic consistency a measured index satisfies is surveyed in the test-approach literature, which also sets out the substitution wedge between a fixed-base index and its theoretical target, and the upward fixed-base measurement bias this index inherits is catalogued alongside it (Balk 1995; Diewert 1998; Boskin et al. 1996).

Deleting the foods and energy strata before aggregation is the exclusion route to the underlying-inflation concept, first defined as the rate prevailing on the economy's long-run growth path once supply shocks are absent and demand is neutral (Eckstein 1981), and the exclusion removes the same named strata every month whatever the current cross-section looks like. What remains is read within the trend-plus-noise-plus-bias frame as the unrevised level whose growth rate is core final-demand producer-price inflation (Cecchetti 1997; Stock and Watson 2007), and no claim about future headline inflation attaches to it.

## Methodology

KRED applies no transformation to USCOREPPIFD and stores the index exactly as compiled, performing no rescaling, deflating, smoothing, annualizing, or year-over-year differencing, and neither the seasonal adjustment nor the deletion of strata is a KRED computation, since both already belong to the measurement basis by which the published level comes to exist. The methodology is therefore that of the underlying index-number construction.

The level is built as a base-period-weighted aggregate of the price relatives that remain, anchored at April 2010 = 100 (Laspeyres 1871), which is paired with the comparison-period-weighted form (Paasche 1874).

Reconciling the two through the time- and factor-reversal tests yields the ideal index (Fisher 1922), and the superlative index that is exact for a flexible aggregator, namely the log-change index and the family it belongs to, supplies the benchmark against which the fixed-basket formula is judged (Törnqvist 1936; Diewert 1976).

Which reversal and consistency properties a formula must hold is fixed by the axiomatic or test approach, which sits within the four-approach taxonomy (Balk 1995; Diewert 2002). The substitution and quality gap between the compiled fixed-base aggregate and the economic-theoretic index is quantified against the cost-of-living target (Konüs 1939; Diewert 1998; Boskin et al. 1996).

The persistence of the recorded level around its trend and its separation into trend and transitory component are left to the user, and the trend itself would be extracted by an unobserved-components decomposition rather than by anything performed here (Cecchetti 1997; Stock and Watson 2007).

The core variant is formed by deleting the foods and energy strata from the final-demand basket before aggregation, which makes the published value an exclusion estimator of underlying inflation (Eckstein 1981). That estimator is distinct from the limited-influence estimators, which retain every stratum and discard the extreme realizations of the current cross-section instead, and whose derivation implies a heavier per-tail trim for producer prices than for consumer prices (Bryan and Cecchetti 1994; Bryan, Cecchetti, and Wiggins 1997). None of these constructions are applied to USCOREPPIFD itself, which remains at the recorded level.

## Applications in Economics

As a producer-price gauge net of two volatile strata, USCOREPPIFD carries the inflation signal for the prices producers receive on output sold to final demand, one stage before the consumer measure, and this distinction between upstream and downstream prices rests on the cost-of-living target and the index-number scaffold (Konüs 1939; Diewert 2002).

Because even the core level retains transitory supply shocks alongside the persistent trend, its interpretation rests on the trend-plus-noise-plus-bias decomposition and the unobserved-components trend extraction (Cecchetti 1997; Stock and Watson 2007).

Which part of the move is fundamental is framed by the long-run output-neutral notion of core inflation and by the original supply-shock-free concept (Quah and Vahey 1995; Eckstein 1981).

The exclusion route removes named strata from the basket, while the competing route retains every stratum and discards the extreme realizations of the current cross-section, and the two need not agree in any given month (Bryan and Cecchetti 1994; Bryan, Cecchetti, and Wiggins 1997).

The fixed-basket substitution and quality biases caution that the measured producer-price level overstates true price change (Boskin et al. 1996; Diewert 1998). The axiomatic reading and the base-weighted construction explain why the gauge moves mechanically with the chosen weights when sales composition shifts (Balk 1995; Laspeyres 1871), and because the level is seasonally adjusted at source its month-on-month change is read directly rather than only against a year-earlier comparison.

## Applications in Financial Markets

For market participants, USCOREPPIFD is the upstream margin-and-inflation input read once the most volatile producer-side strata are set aside, and it feeds breakeven and discount-rate views through the underlying-inflation lens and the trend extraction (Cecchetti 1997; Stock and Watson 2007).

Pricing real and nominal claims requires separating the persistent producer-price trend from the transitory component, which the exclusion route and the kurtosis-optimal trim address in different ways (Bryan and Cecchetti 1994; Bryan, Cecchetti, and Wiggins 1997). The heavier producer-price trim reflects the fat tails of the input-price distribution, and the supply-shock-free concept and the output-neutral core define the signal a fixed-income desk discounts (Eckstein 1981; Quah and Vahey 1995).

Because the quoted level is a base-weighted fixed-basket aggregate reconciled by the ideal index and the log-change form (Laspeyres 1871; Paasche 1874; Fisher 1922; Törnqvist 1936), its mechanical sensitivity to weight choice and the substitution and quality biases matter for any contract or swap indexed to producer prices (Boskin et al. 1996; Diewert 1998).

The axiomatic constraints and the four-approach foundation tell a trader which index properties are preserved when the series is used to deflate revenues or to set escalation clauses (Balk 1995; Diewert 2002). Escalation contracts name a specific aggregate and reference base, so a core final-demand level is not interchangeable with the headline final-demand level served as USPPIFD or with the all-commodities level served as USPPI, and none of the three may be spliced into one history.

## Statistical Tests

USCOREPPIFD is published as a seasonally-adjusted monthly index level of producer prices for final demand less foods and energy, and the statistical object is that published level, expected to be integrated of order one. The sample is 195 monthly observations spanning 2010-04-01 to 2026-06-01, and the unit-root triplet is fitted on the level with a constant and trend.

The augmented Dickey-Fuller regression of Dickey and Fuller (1979), in the lag-augmented form of Said and Dickey (1984) with lag length set as in Ng and Perron (2001), does not reject the unit root with a statistic of −0.8333 at p = 0.9628, the nonparametric test of Phillips and Perron (1988) concurs with a statistic of −0.458 at p = 0.985, and the stationarity-null test rejects trend stationarity with a statistic of 0.4783 at p < 0.01 (Kwiatkowski et al. 1992), so the three procedures concur on a clean I(1) classification. The GLS-detrended escalation of Elliott, Rothenberg, and Stock (1996) is reserved for ambiguous outcomes and is not required on this clean reading. At 195 monthly observations this is the shortest sample in the group, so the unit-root reading is the least powerful of the set and is reported with that limit attached.

On a clean integrated reading the level is not the stationary object, so the portmanteau and the break search are run on the first difference, since a level portmanteau reads the near-unit autocorrelation of a stochastic trend and a level mean-break search spuriously segments it (Perron 1989; Hamilton 2018; Bai and Perron 1998). The portmanteau statistic of Ljung and Box (1978), refining the form of Box and Pierce (1970), rejects the white-noise null on the differenced level at lags 12 and 24, with Q = 204.086 and Q = 213.476 and p = 0.000 in both cases. The multiple-break procedure of Bai and Perron (1998), computed by the dynamic-programming algorithm of Bai and Perron (2003), locates two mean shifts in the differenced series, at 2020-07-01 and 2022-12-01.

The index is seasonally adjusted at source, so under the platform convention whatever the seasonal battery detects is attributed to that adjustment and its revisions and is never presented as a KRED discovery (Ghysels and Osborn 2001). The seasonal-unit-root test of Hylleberg et al. (1990), with the monthly mechanics of Beaulieu and Miron (1993), is run on the level and rejects unit roots at the seasonal frequencies with a statistic of 832.0424 at p = 0.000, so any seasonal signal that survives the adjustment is deterministic rather than stochastic. The seasonal portmanteau leg is the cumulative statistic through lag 24 on the first difference, 213.476, numerically the lag-24 rung already reported rather than an independent second test, and it rejects the no-autocorrelation null at p = 0.000, while the joint test of monthly dummies on the first difference does not reject, with F = 1.3551 at p = 0.197842. The battery therefore disagrees with the adjusted designation the series carries, and the disagreement is stated as it stands, the series being neither declared seasonally clean nor credited with a newly found seasonal pattern. The reverse-null seasonal-stationarity test of Canova and Hansen (1995) is optional under the matrix and was not computed for this member.

## Frequently Asked Questions

### What does the US price panel include?

The United States price panel, comprising headline and core consumer and producer price indices, the personal consumption expenditure price indices, and three limited-influence inflation measures.

### Are the limited-influence inflation measures published as index levels?

No. They are published as twelve-month rates, so placing them on the same axis as the index levels in this group misreads both.

### Do the US limited-influence inflation gauges all measure the same thing?

No. They are separate estimands, differing in the underlying price index as well as in the rule for which part of the distribution to set aside. Proximity between any two of them is not corroboration and divergence is not an error in any.