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With the release of January 2023 Producer Price Index (PPI) data on February 16, 2023, the Bureau of Labor Statistics updated PPI value weights to more accurately reflect recent production and marketing patterns. The updated weights are constructed using 2017 value of shipments data from the Census of Manufactures, the Census of Mining, the Census of Services, and the Census of Agriculture. These data were collected in accordance with the North American Product Classification System (NAPCS). From January 2018 through December 2022, PPI weights were based on 2012 North American Industry Classification System (NAICS) shipment values.
All PPIs were affected by this weight update, including all industry net output indexes, as well as indexes for traditional commodity groupings. In addition, weights were updated from the 2012 to the 2017 Economic Census for all Final Demand-Intermediate Demand (FD-ID) indexes, special commodity-grouping indexes, and inputs to industry indexes. This weight revision did not result in changes to the reference base for indexes, the dates when PPIs are set to 100.
It is important to note that the basic structures of the PPI commodity and FD-ID classification systems did not change as a result of the weight revision. However, PPIs classified according to the NAICS were updated to reflect 2022 NAICS definitions established by the U.S. Census Bureau. The weight update also resulted in shifting relative importance values. These shifts impacted aggregate indexes in a manner commensurate with the relative gains and losses in value weights from 2012 to 2017.
In addition, PPI sample updates normally occurring with the release of October 2022 and February 2023 data were combined and released in conjunction with the release of January 2023 PPI data in February 2023.
Commodity and FD-ID relative importance figures for December 2022 were released on February 14, 2023, two business days prior to the release of January 2023 PPI data. This information is available on the PPI website at www.bls.gov/ppi/tables/. A concordance between Census product codes and PPI commodity codes is available upon request by contacting the PPI Section of Index Analysis and Public Information at email@example.com or (202) 691-7705.