§1The reading
The BLS wood pallet PPI (WPU084101) was 345.741 in March 2024, down 0.1% on the month and down 11.3% on the year.
Over three months the index moved −1.9%.
It was the lowest reading since April 2021.
Across the five years to March 2024, the index ranged from 279.3 (May 2020) to 444.2 (April 2022).
Lumber (WPU081) was −4.6% on the year, softwood −6.8% and hardwood −1.2%; lumber ran 6.7 points ahead of pallets over twelve months.
The industry-basis index for wood container and pallet manufacturing (PCU321920321920) was −11.0% on the year.
U.S. retail diesel averaged $4.022 a gallon over the month (EIA, 4 weekly readings), −4.5% on a year earlier.
These notes are generated from the published figures, not written by an analyst. The method is on the methodology page.
§2All eight series for March 2024
| Series | Base | Index | Month | Year |
|---|---|---|---|---|
| Wood pallets WPU084101 | 1982 = 100 | 345.741 | −0.1% | −11.3% |
| Pallets incl. wood/metal combination WPU0841 | 1982 = 100 | 345.741 | −0.1% | −11.3% |
| Wood container & pallet mfg (industry) PCU321920321920 | Dec 2003 = 100 | 183.376 | −0.2% | −11.0% |
| Pallets, industry basis PCU3219203219205 | Dec 2003 = 100 | 191.135 | −0.1% | −11.3% |
| Industry primary products PCU321920321920P | Dec 2003 = 100 | 177.339 | −0.2% | −11.0% |
| Lumber WPU081 | 1982 = 100 | 251.805 | +1.3% | −4.6% |
| Softwood lumber WPU0811 | 1982 = 100 | 255.753 | +3.2% | −6.8% |
| Hardwood lumber WPU0812 | 1982 = 100 | 256.754 | −1.3% | −1.2% |
p = preliminary. BLS revises the latest four months.
§3What it means for an index clause
A pallet bought at $10.00 twelve months earlier, escalated in full with this index, would be $8.87 in March 2024. Method: $10.00 × (index in March 2024 ÷ index twelve months before). Most clauses only move the price when the change passes a band, and some pass through only part of it.
Under the model clause's quarterly review, March 2024 is not a review month: the next review, on 1 July 2024, uses the May 2024 reading. A monthly-review contract would use this reading directly.
Run your own numbers with the escalator, or read the model escalator clause.
§4Freight context
U.S. retail on-highway diesel averaged $4.022 a gallon across 4 weekly EIA readings in March 2024 (−4.5% on a year earlier). Delivery charges and fuel surcharges are separate from the producer index, so price them as their own lines in the bid-leveling sheet.