LIFOPro’s 2024 LIFO Opportunities & Strategies Guide

Updated 1/30/2025 with December 2024 Inflation Rates View/Download the PDF report version of this guide or our 2024 Top LIFO Candidates List Excel file by clicking the buttons below! 2024 Top LIFO Tax Savings Opportunities Abound Although inflation has returned to a more normalized level, there are many industries with inflation at or above the […]

January 2025 PPI Release Highlights

The Bureau of Labor Statistics (BLS) released January 2025 Producer Price Indexes (PPI) today. Highlights are as follows (all indexes on a seasonally unadjusted basis): Farm products increased 1.6% in the last month and rose 12.4% in the last twelve months Processed foods + feeds rose 0.4% from December and increased 4.6% since January 2024 […]

January 2025 CPI Release Highlights

The Bureau of Labor Statistics (BLS) released January 2025 Consumer Price Index (CPI) today. Highlights are as follows (all indexes are on a seasonally unadjusted basis): All items rose 0.7% in the last month and increased 3.0% in the last twelve months Food at home rose 0.8% from December and increased 1.9% since January 2024 […]

Use of External Inflation Indexes for Financial Reporting

Dollar-value LIFO Background The vast majority of companies on LIFO use what’s called the dollar-value method. Under this method, LIFO is essentially treated as an annual top-side adjustment to account for the change in the current vs. prior period’s LIFO reserve and to convert the year end inventory balance from cost to its LIFO value. […]

Financial Reporting & Tax Treatment of Change to LIFO Method

Tax Treatment of Change to LIFO For tax purposes, the IRS allows all taxpayers to use LIFO method, and establishing preferability regarding the use of LIFO is not required. The tax requirements incident with and subsequent to a LIFO election are as follows: LIFO must be applied as a cutoff change, meaning it’s to be […]

December 2024 CPI Release Highlights

The Bureau of Labor Statistics (BLS) released December 2024 Consumer Price Index (CPI) today. Highlights are as follows (all indexes are on a seasonally unadjusted basis): All items fell saw no change in the last month and increased 2.9% in the last twelve months Food at home rose 0.1% from November and increased 1.8% since […]

December 2024 PPI Release Highlights

The Bureau of Labor Statistics (BLS) released December Producer Price Indexes (PPI) today. Highlights are as follows (all indexes on a seasonally unadjusted basis): Farm products increased 1.1% in the last month and rose 9.1% in the last twelve months Processed foods + feeds fell 0.2% from November and increased 4.0% since December 2023 Textile […]

November 2024 PPI Release Highlights

The Bureau of Labor Statistics (BLS) released November Producer Price Indexes (PPI) today. Highlights are as follows (all indexes on a seasonally unadjusted basis): Farm products increased 6.4% in the last month and rose 6.2% in the last twelve months Processed foods + feeds rose 0.8% from October and increased 3.6% since November 2023 Textile […]

November 2024 CPI Release Highlights

The Bureau of Labor Statistics (BLS) released November 2024 Consumer Price Index (CPI) today. Highlights are as follows (all indexes are on a seasonally unadjusted basis): All items fell 0.1% in the last month and increased 2.7% in the last twelve months Food at home decreased 0.1% from October and rose 1.6% since November 2023 […]

October 2024 PPI Release Highlights

The Bureau of Labor Statistics (BLS) released October Producer Price Indexes (PPI) today. Highlights are as follows (all indexes on a seasonally unadjusted basis): Farm products increased 0.1% in the last month and rose 2.8% in the last twelve months Processed foods + feeds fell 0.5% from September and increased 1.8% since October 2023 Textile […]

October 2024 CPI Release Highlights

The Bureau of Labor Statistics (BLS) released October 2024 Consumer Price Index (CPI) today. Highlights are as follows (all indexes are on a seasonally unadjusted basis): All items rose 0.1% in the last month and increased 2.6% in the last twelve months Food at home increased 0.1% from September and rose 1.1% since October 2023 […]