US producer prices rise more than expected in February
Producer price index up 3.4% year-on-year, rising 0.7% month-on-month
ISTANBUL
US producer prices were up more than expected in February, with the producer price index (PPI) rising 3.4% year-on-year, according to data released Wednesday by the Bureau of Labor Statistics.
The figure exceeded expectations of a 2.9% rise, following a 2.9% increase in January, data showed.
Meanwhile, month-on-month PPI rose 0.7%, exceeding expectations of a 0.3% rise.
"More than half of the February rise in prices for final demand can be attributed to a 0.5% advance in the index for final demand services. Prices for final demand goods increased 1.1%," the agency said in a statement.
Prices for final demand less foods, energy and trade services rose 0.5%, marking the 10th consecutive increase.
Year-on-year, prices for final demand less foods, energy and trade services rose 3.5% in February.
Core PPI, which excludes volatile food and energy prices, rose 3.9% year-on-year and by 0.5% month-on-month in February, above forecasts.
