From Jan 2017 to Sep 2026 the index went from 410.4 to 735.9, a change of +79.3%.
Highest reading in that period: 735.9 in Sep 2026. Lowest: 410.2 in Feb 2017.
Largest one-month rise: +6.2% in May 2026. Largest one-month fall: -1.2% in Sep 2023.
For a clause that resets its base every year, a 10% cap or floor would have limited the adjustment in 4 of the last 36 months.
Use it in a contract
Draft clause citing this series
A starting point citing this series by name and code. Replace the bracketed terms with your contract's actual scope before use.
The [affected portion] of the Contract Price shall be adjusted using US PPI — Petroleum Lubricating Oil and Grease Manufacturing (BLS series PCU324191324191), published by BLS.
Base Period: the index value published for September 2026 (or the month of contract signing, if different) is the Base Value.
Adjustment: at each Adjustment Date, the Current Value is the most recently published three-month average of the index (the Averaging Window). The Escalation Factor equals Current Value divided by Base Value.
Cap: the Escalation Factor applied under this clause shall not exceed 1.10 or fall below 0.90 (a 10% cap and floor) in any single Adjustment Date, regardless of the index's actual movement.
[Replace bracketed terms with your contract's actual affected-portion definition and adjustment-date schedule before use. This is a drafting starting point, not legal advice.]
Base oils have two real named benchmarks, Argus Base Oils and ICIS Base Oils-Lubes, both weekly, both subscription-only. A domestic BLS proxy exists as a free fallback, PCU324191324191 for lubricating oil and grease. There is no confirmed standalone "Argus Additives" product, despite that name circulating informally, so verify the exact report name before citing one in a contract.
Let Escalake run this clause for you
Escalake tracks US PPI — Petroleum Lubricating Oil and Grease Manufacturing, applies your formula, and gives both sides a number they can confirm, no spreadsheet required.