US producer price index increases 2.8%
U.S. producer inflation sees 1.6% annual increase in February, with a monthly rise of 0.6%
According to official figures released on Thursday, U.S. producer inflation rose 1.6% annually and 0.6% monthly in February, both figures above market estimates.
The producer price index (PPI), which measures changes in the price of goods and services from a producer perspective, was expected to show an annual gain of 1.1%.
The annual figure for January was revised to a gain of 1% from a 0.9% increase.
The Labor Department said, "On an unadjusted basis, the final demand index advanced 1.6 percent for the 12 months ended in February, the largest rise since moving up 1.8 percent for the 12 months ended September 2023."
On a monthly basis, the PPI increased 0.6% in February, above the market expectation of a 0.3% gain, following a 0.3% gain in January.
Core producer prices, which exclude food, energy, and trade, increased 0.4% in February after rising 0.6% the previous month.
Core PPI in February increased 2.8% annually, following a gain of 2.7% in January.
Source: AA
