LIFO Tax Benefit Calculator

LIFO Tax Benefit Calculator:

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Instructions:

Identify the year to date & 20-year average annual historical inflation rates for your company using the tables shown below the calculator
Enter the following values into the blue-colored cells:
- Prior year end inventory balance at cost
- Current year inflation rate: Note – if you don’t have an idea on your current or historical inflation, see inflation rates in the table below & locate a BLS category that matches your primary business activity
- 20-year average annual inflation rate: used to calculate the 20-year projected tax savings
- Combined federal & state tax rate
The green-colored cells will automatically update as soon as all values have been entered into the blue-colored input cells

Note: LIFO is adopted on a prospective basis & LIFO tax savings accrue beginning in the year of the change. Prior period benefits can NOT be retrospectively recaptured. 20 year cumulative taxable income reduction & after-tax cash savings shown in calculator are for analysis purposes only & is provided to project the potential tax savings from LIFO that could occur over the next 20 years based on your current year inventory balance at cost & the historical inflation rates.

BLS PPI Annual Inflation Rate Averages Table for Selected Commodities Through November 2024

PPI Code	BLS PPI Category Description	1M 11/24	YTD 11/24	1YR 11/24	3YR 11/24	5Y 11/24	10YR 11/24	20Y 11/24
01	FARM PRODUCTS	6.4%	7.9%	6.2%	4.4%	7.3%	1.6%	3.4%
011	Fruits & melons, fresh/dry vegs. & nuts	23.1%	21.6%	18.6%	4.3%	5.6%	3.9%	3.3%
012	Grains	7.7%	-11.4%	-10.5%	-10.2%	2.2%	1.1%	3.7%
013	Slaughter livestock	2.6%	18.6%	14.4%	14.3%	11.8%	1.1%	4.0%
014	Slaughter poultry	-0.1%	1.2%	11.7%	6.6%	10.5%	2.0%	3.8%
015	Raw cotton	-0.8%	-16.5%	-13.4%	-17.5%	1.2%	-0.3%	2.0%
016	Raw milk	-10.4%	12.9%	11.8%	10.9%	6.2%	0.7%	2.3%
017	Chicken eggs	54.6%	127.0%	94.4%	58.3%	25.3%	11.1%	10.3%
018	Hay, hayseeds and oilseeds	1.2%	-22.0%	-26.4%	-7.1%	1.7%	-0.4%	3.1%
02	PROCESSED FOODS AND FEEDS	0.8%	4.2%	3.6%	4.3%	5.0%	2.1%	3.0%
021	Cereal and bakery products	-0.3%	-0.7%	-0.6%	5.3%	4.9%	2.7%	3.2%
022	Meats, poultry, and fish	2.6%	9.8%	9.1%	2.0%	5.6%	1.5%	2.9%
023	Dairy products	-0.7%	6.9%	5.4%	4.7%	3.2%	0.9%	2.3%
024	Processed fruits and vegetables	-1.2%	0.5%	0.9%	9.6%	7.1%	4.1%	3.9%
025	Sugar and confectionery	1.1%	11.5%	11.9%	9.1%	5.7%	3.3%	3.4%
026	Beverages and beverage materials	0.0%	3.8%	3.1%	5.8%	4.5%	2.9%	2.6%
027	Fats and oils	3.7%	-4.4%	-7.4%	-4.8%	6.9%	2.6%	3.1%
028	Miscellaneous processed foods	1.3%	3.0%	3.1%	6.7%	5.3%	2.9%	2.9%
029	Prepared animal feeds	-0.5%	-4.8%	-6.1%	1.1%	4.2%	1.0%	3.7%
03	TEXTILE PRODUCTS AND APPAREL	-1.1%	0.0%	-0.6%	2.4%	4.1%	2.4%	2.1%
031	Synthetic fibers	-5.9%	-1.6%	-5.2%	0.4%	3.7%	2.4%	1.9%
032	Processed yarns and threads	-0.1%	0.7%	-0.7%	0.1%	4.8%	2.3%	2.4%
033	Greige fabrics	0.0%	-0.6%	-0.4%	2.3%	3.9%	1.8%	2.0%
034	Finished fabrics	0.0%	0.6%	1.0%	2.9%	4.7%	2.8%	2.6%
038	Apparel & other fabricated textile prods	0.0%	1.9%	1.9%	3.8%	3.3%	2.2%	1.9%
039	Miscellaneous textile products/services	-2.5%	-9.4%	-7.7%	3.1%	6.5%	2.2%	1.8%
04	HIDES, SKINS, LEATHER, AND RELATED PRODUCTS	0.8%	-0.1%	-0.3%	1.6%	1.8%	-2.7%	0.4%
041	Hides and skins, incl. cattle	3.5%	-8.8%	-10.0%	-7.1%	-4.7%	-12.0%	-3.5%
042	Leather	0.8%	0.0%	0.2%	0.8%	2.4%	-4.1%	-0.4%
043	Footwear	0.0%	1.8%	1.9%	4.9%	4.0%	2.9%	2.8%
044	Other leather and related products	0.5%	2.2%	2.2%	3.7%	3.2%	2.5%	2.1%
05	FUELS AND RELATED PRODUCTS AND POWER	-2.3%	-2.8%	-10.1%	-3.3%	4.8%	1.0%	2.1%
051	Coal	-0.2%	1.3%	2.6%	12.9%	7.4%	3.8%	4.9%
053	Gas fuels	4.5%	-10.1%	-18.2%	-26.4%	1.6%	-4.7%	-4.9%
055	Utility natural gas	2.6%	-2.7%	-1.8%	-4.6%	7.4%	3.1%	1.3%
056	Crude petroleum (domestic production)	-3.8%	1.5%	-12.0%	-6.1%	3.8%	-1.2%	2.2%
057	Petroleum products, refined	-3.6%	-5.2%	-17.1%	-4.7%	4.6%	0.1%	2.9%
058	Asphalt and other petroleum and coal products, n.e.c.	-1.9%	-11.3%	-30.9%	-5.7%	2.4%	-1.1%	6.5%
06	CHEMICALS AND ALLIED PRODUCTS	-0.8%	1.4%	0.9%	-0.3%	4.0%	2.2%	3.3%
061	Industrial chemicals	-2.9%	-0.4%	-1.7%	-4.3%	4.2%	0.6%	2.7%
062	Paints and allied products	0.3%	0.8%	0.6%	6.1%	6.4%	4.0%	4.0%
063	Drugs and pharmaceuticals	0.1%	2.4%	2.4%	2.8%	2.4%	3.7%	4.4%
064	Fats and oils, inedible	0.8%	11.3%	7.6%	-2.1%	11.8%	4.0%	5.2%
065	Agricultural chemicals and chemical products	0.9%	0.7%	0.9%	-2.3%	6.1%	2.0%	3.3%
066	Plastic resins and materials	-0.6%	3.1%	2.8%	-5.7%	3.7%	0.3%	2.1%
067	Other chemicals and allied products	0.0%	0.9%	1.0%	5.3%	4.6%	2.9%	2.9%
07	RUBBER AND PLASTIC PRODUCTS	-0.3%	0.9%	1.1%	2.7%	5.4%	2.9%	3.1%
071	Rubber and rubber products	-0.4%	2.0%	1.8%	4.3%	4.6%	2.4%	3.0%
072	Plastic products	-0.3%	0.6%	0.9%	2.3%	5.6%	3.1%	3.2%
08	LUMBER AND WOOD PRODUCTS	0.3%	1.4%	1.4%	-0.2%	4.9%	2.9%	2.2%
081	Lumber	2.0%	9.4%	9.3%	-4.3%	4.6%	2.2%	1.5%
082	Millwork	-0.1%	1.4%	0.9%	2.6%	6.1%	4.2%	3.0%
083	Plywood	-0.4%	-4.6%	-5.7%	-1.4%	6.8%	2.4%	2.2%
084	Other wood products	-0.1%	-3.4%	-2.0%	-0.1%	3.4%	2.5%	2.2%
085	Logs, bolts, timber, pulpwood, woodchips and other roundwood products	-0.2%	-1.5%	-2.2%	-0.7%	1.8%	0.7%	1.4%
086	Prefabricated wood buildings & components	-0.5%	1.2%	1.5%	3.8%	7.4%	5.0%	3.3%
087	Treated wood and contract wood preserving	0.8%	-0.3%	0.8%	5.0%	5.8%	3.1%	2.7%
09	PULP,PAPER, AND ALLIED PRODUCTS	0.0%	3.4%	2.7%	3.8%	5.8%	3.1%	2.7%
091	Pulp, paper, and prod., ex. bldg. paper	-0.4%	3.9%	2.9%	2.9%	5.6%	2.8%	2.8%
092	Building paper & building board mill prods.	10.6%	-0.6%	-2.4%	-4.8%	10.2%	5.4%	3.3%
094	Publications, printed matter & printing material	0.0%	2.5%	2.6%	7.4%	6.0%	3.5%
10	METALS AND METAL PRODUCTS	0.4%	-0.3%	1.6%	-2.4%	7.5%	3.8%	3.4%
101	Iron and steel	0.8%	-9.6%	-5.9%	-11.8%	7.8%	2.8%	2.5%
102	Nonferrous metals	-0.7%	8.5%	10.6%	1.2%	7.7%	3.9%	4.3%
103	Metal containers	-0.4%	0.2%	0.2%	5.1%	6.7%	4.0%	3.3%
104	Hardware	0.2%	0.4%	0.0%	2.3%	5.0%	3.2%	2.9%
105	Plumbing fixtures and fittings	0.0%	1.6%	1.6%	4.3%	4.0%	3.0%	2.9%
106	Heating equipment	0.0%	2.3%	2.5%	6.9%	7.4%	5.0%	4.3%
107	Fabricated structural metal products	1.2%	-0.8%	0.4%	2.4%	9.2%	5.4%	3.9%
108	Miscellaneous metal products	0.5%	3.1%	3.0%	4.7%	5.4%	3.2%	2.7%
11	MACHINERY AND EQUIPMENT	0.1%	2.8%	2.7%	5.4%	4.7%	2.8%	1.9%
111	Agricultural machinery and equipment	0.2%	1.0%	1.1%	6.0%	6.2%	3.8%	3.3%
112	Construction machinery and equipment	0.2%	1.0%	1.7%	6.0%	5.7%	3.6%	3.2%
113	Metalworking machinery and equipment	0.0%	3.4%	3.5%	6.1%	4.9%	3.1%	2.5%
114	General purpose machinery and equipment	0.0%	3.2%	3.0%	7.5%	6.7%	4.4%	3.8%
115	Electronic computers and computer equipment	-0.8%	1.4%	2.1%	56.0%	30.6%	12.6%	3.0%
116	Special industry machinery and equipment	0.0%	2.8%	2.9%	6.0%	6.1%	3.7%	2.6%
117	Electrical machinery and equipment	0.2%	2.6%	2.5%	3.9%	3.4%	2.0%	1.0%
118	Miscellaneous instruments	0.4%	3.8%	3.9%	6.3%	4.6%	3.2%	2.5%
119	Miscellaneous machinery	0.1%	2.7%	2.6%	4.6%	3.6%	2.2%	2.3%
12	FURNITURE AND HOUSEHOLD DURABLES	0.0%	1.5%	1.1%	3.8%	4.6%	3.1%	2.4%
121	Household furniture	0.0%	1.4%	1.4%	2.8%	4.3%	3.1%	2.6%
122	Commercial furniture	0.0%	2.9%	2.3%	5.9%	6.3%	4.2%	3.3%
123	Floor coverings	-1.2%	2.2%	0.8%	0.6%	1.9%	1.6%	2.1%
124	Household appliances	-0.3%	-1.3%	-1.6%	3.6%	3.8%	2.5%	1.9%
125	Home electronic equipment	0.0%	1.5%	1.5%	3.1%	3.8%	2.1%	0.0%
126	Other household durable goods	1.4%	2.5%	2.4%	3.9%	4.7%	2.9%	2.2%
13	NONMETALIC MINERAL PRODUCTS	-0.2%	3.5%	3.6%	7.3%	6.3%	4.3%	4.0%
131	Glass	-2.6%	-1.3%	-0.5%	3.6%	3.9%	3.3%	2.1%
132	Concrete ingredients and related products	0.2%	6.9%	7.2%	9.1%	7.1%	5.5%	4.7%
133	Concrete products	0.4%	3.8%	3.7%	8.8%	7.3%	5.3%	4.3%
134	Clay construction products ex. refractories	0.9%	1.4%	1.3%	5.0%	4.4%	2.8%	2.1%
135	Refractories	0.3%	2.0%	2.4%	5.5%	4.7%	3.7%	3.9%
136	Asphalt felts and coatings	-1.3%	1.1%	1.3%	5.3%	6.9%	3.8%	5.3%
137	Gypsum products	0.5%	5.5%	5.2%	6.5%	8.6%	5.0%	4.2%
138	Glass containers	-0.2%	7.3%	7.2%	9.0%	7.1%	4.3%	3.6%
139	Other nonmetallic minerals	-0.3%	3.0%	2.8%	6.7%	5.3%	2.9%	3.9%
14	TRANSPORTATION EQUIPMENT	0.2%	1.7%	1.7%	2.8%	2.6%	1.7%	1.6%
141	Motor vehicles and equipment	0.2%	1.1%	1.0%	2.4%	2.4%	1.6%	1.3%
142	Aircraft and aircraft equipment	0.2%	3.6%	3.8%	3.9%	2.9%	2.0%	2.3%
143	Ships and boats	0.1%	1.7%	1.8%	3.6%	3.2%	2.4%	2.5%
144	Railroad equipment	0.2%	0.3%	0.3%	0.2%	1.2%	0.9%	2.0%
149	Transportation equipment, n.e.c.	-0.1%	-1.6%	-1.8%	2.4%	3.1%	2.5%	1.8%
15	MISCELLANEOUS PRODUCTS	0.9%	5.7%	6.0%	6.6%	5.7%	4.2%	3.4%
151	Toys, sporting goods, small arms, etc.	0.0%	3.0%	2.9%	6.6%	6.0%	3.6%	2.6%
152	Tobacco products, incl. stemmed & redried	1.9%	11.6%	11.5%	11.1%	9.5%	7.6%	6.2%
153	Notions	0.0%	-0.1%	1.8%	4.2%	4.9%	3.1%	3.6%
154	Photographic equipment and supplies	9.6%	8.6%	17.3%	7.9%	6.0%	3.8%	3.1%
155	Mobile homes	0.1%	1.6%	0.8%	3.1%	8.4%	6.2%	4.6%
156	Medical, surgical & personal aid devices	0.3%	2.0%	2.2%	3.0%	2.2%	1.6%	1.3%
157	Other industrial safety equipment	0.1%	3.7%	3.7%	6.0%	5.6%	3.2%	2.5%
159	Other miscellaneous products	-0.3%	4.7%	5.3%	6.9%	6.2%	4.3%	3.1%

BLS CPI Historical Annual Inflation Rate Averages Through November 2024 Table for Selected Categories

BLS CPI Code	BLS CPI Category Description	1M 11/24	1Y 11/24	3Y 11/24	5Y 11/24	10Y 11/24	20Y 11/24
SAF	FOOD & BEVERAGES	0.1%	2.3%	2.3%	5.1%	5.0%	3.0%
SAF11	Food at home	-0.1%	1.6%	1.6%	5.0%	5.0%	2.5%
SAF114	Nonalcoholic beverages & beverage materials	0.5%	2.7%	2.8%	6.2%	5.4%	2.8%
SEFN	Juices & nonalcoholic drinks	0.4%	2.6%	3.1%	6.5%	5.8%	3.3%
SEFN01	Carbonated drinks	-0.2%	2.6%	3.1%	6.4%	6.3%	3.8%
SEFN03	Nonfrozen noncarbonated juices & drinks	0.9%	2.3%	2.9%	6.4%	5.4%	2.9%
SEFP	Beverage materials including coffee & tea	0.6%	3.0%	2.2%	5.5%	4.3%	1.8%
SEFP01	Coffee	1.0%	3.4%	1.9%	5.3%	4.4%	1.6%
SEFP02	Other beverage materials including tea	0.1%	2.4%	2.6%	6.0%	4.2%	2.2%
SAF115	Other food at home	-0.4%	0.7%	0.7%	5.8%	5.2%	2.8%
SEFT06	Other miscellaneous foods	-0.1%	0.3%	-0.1%	5.7%	5.0%	2.6%
SEFW	Alcoholic beverages at home	-0.4%	1.2%	1.1%	2.3%	2.2%	1.4%
SEFW01	Beer, ale & other malt beverages at home	-0.2%	2.5%	2.6%	4.3%	3.6%	2.5%
SEFW02	Distilled spirits at home	-0.1%	0.5%	0.1%	1.0%	1.8%	0.8%
SEFW03	Wine at home	-0.8%	0.3%	0.2%	1.2%	1.2%	0.7%
SEHE	FUEL OIL & OTHER FUELS	-0.2%	-7.4%	-10.7%	0.7%	4.8%	1.2%
SAH3	HOUSEHOLD FURNISHINGS & OPERATIONS	0.0%	0.8%	0.4%	3.0%	3.6%	1.9%
SAA	APPAREL	-2.7%	3.0%	1.1%	1.9%	1.0%	0.0%
SAM1	MEDICAL CARE COMMODITIES	-0.1%	0.5%	0.4%	2.8%	1.5%	1.7%
SEMF	Medicinal drugs	-0.1%	0.5%	0.3%	2.7%	1.5%	1.7%
SEMF01	Prescription drugs	-0.4%	1.1%	0.7%	2.1%	1.1%	1.8%
SEMF02	Nonprescription drugs	0.6%	-0.5%	-0.4%	4.2%	2.3%	1.2%
SEMG	Medical equipment and supplies	-0.4%	-0.1%	1.2%	4.5%	1.4%	1.0%
SAR	RECREATION	0.2%	1.1%	1.5%	2.9%	2.7%	1.9%
SEEA	EDUCATIONAL BOOKS & SUPPLIES	6.3%	9.0%	10.6%	3.5%	2.2%	1.8%
SEGA	TOBACCO & SMOKING PRODUCTS	1.0%	6.7%	6.6%	6.9%	6.8%	5.7%
SEGB	PERSONAL CARE PRODUCTS	-0.1%	1.6%	0.5%	4.0%	2.2%	1.0%
SEGE	MISCELLANEOUS PERSONAL GOODS	-0.6%	-2.0%	-2.4%	2.5%	2.3%	0.2%
SAG	OTHER GOODS AND SERVICES	0.3%	3.6%	3.4%	5.3%	4.4%	3.3%
SERE	Other recreational goods	-1.2%	-2.4%	-3.1%	-1.0%	-1.1%	-3.8%
SERG	Recreational reading materials	-4.9%	-0.9%	-1.3%	0.9%	1.5%	1.7%

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Facts describing why the double-extension LIFO index calculation method is unreliable and examples proving how this method creates unpredictable results.

LIFO Training & Audit Guide

The LIFO Inventory Training Basics & Audit Guide provides detailed LIFO calculation steps, LIFO documentation procedures, internal controls & audit best practices.

Addition of Services Table 9 Codes

Find recent important changes & BLS addition of Table 9 Wherever-provided Services & Construction PPI Indexes & Important Change in PPI Code Structure page.

CPI Category Updates

Find information on CPI Category Changes & Bureau of Labor Statistics Consumer Price Index update information such as new medical commodity codes here!

PPI Category Updates

Learn IRS Regulations Requirements for missing PPI Indexes, procedures for reassigning discontinued PPI Categories at LIFO-PRO’s PPI Category Changes page.

Producer Price Index Usage by Supermarkets to Increase Tax Deferral

Learn how drugs, non-foods & food/beverage indexes cause increase LIFO tax benefits at our PPI Index Usage by Supermarkets to Increase Tax Deferral page.

Consumer/Producer Price Index Inflation History

Get the most up to date Bureau of Labor Statistics Consumer & Producer Price Index inflation data from LIFOPro!

IPIC LIFO Advantages

Switching from the double-extension to link-chain method? Want to achieve higher possible inflation indexes? Learn more at the IPIC LIFO Advantages page.

LIFO Repeal Updates

Get the latest LIFO repeal updates including the latest news on corporate tax reform at LIFO-PRO’s LIFO Repeal Updates page.

Videos

LIFO-PRO Company Overview – Quick 1 minute video explaining LIFO-PRO’s service and software offerings.

Request Forms Page

Request a software trial, LIFO Election Benefit Analysis, Best LIFO Practices Methods Review or cost estimate. All of our requests are complimentary & free of obligation!

FAQ’s

View some of our frequently asked questions to learn more about LIFO

LIFO Glossary

Accounting and financial professionals who work with LIFO need to understand the jargon associated with LIFO. Below are a number of LIFO-related terms.

What Makes a Good LIFO Candidate?

Get answers to who should use the LIFO method, how much LIFO may benefit your company or client & good LIFO candidates by industry & principal business activity along with historical inflation data.

Why Use LIFO & How it Works

Hundreds of companies & CPA firms utilize our LIFO outsourcing solutions or the LIFO-PRO software for turnkey LIFO solutions.

LIFO Tax Benefit Calculator