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US producer prices surge at fastest pace in five months, driven by goods costs
(MENAFN) The Producer Price Index (PPI) in the United States saw its sharpest increase in five months in November, as reported by the labor Department's Bureau of Labor Statistics on Thursday. Monthly producer inflation accelerated to 0.4 percent in November, up from a revised 0.3 percent in October, surpassing market expectations of a more modest 0.2 percent increase.
The rise was largely driven by a 0.7 percent monthly jump in the cost of goods, marking the largest increase in this category since February. This surge in goods prices played a central role in pushing overall PPI higher.
Meanwhile, the core PPI, which excludes the more volatile food and energy sectors, rose by 0.2 percent month-on-month in November, aligning with analysts' forecasts. This indicates that underlying price pressures, while present, were somewhat more contained than the broader headline figures suggested.
On an annual basis, the PPI surged by 3 percent in November, marking the largest year-over-year increase since the 12 months ending in February 2023, when it had risen by 4.7 percent. This uptick in producer prices signals continued inflationary pressures within the supply chain, even as the economy navigates post-pandemic recovery challenges.
The rise was largely driven by a 0.7 percent monthly jump in the cost of goods, marking the largest increase in this category since February. This surge in goods prices played a central role in pushing overall PPI higher.
Meanwhile, the core PPI, which excludes the more volatile food and energy sectors, rose by 0.2 percent month-on-month in November, aligning with analysts' forecasts. This indicates that underlying price pressures, while present, were somewhat more contained than the broader headline figures suggested.
On an annual basis, the PPI surged by 3 percent in November, marking the largest year-over-year increase since the 12 months ending in February 2023, when it had risen by 4.7 percent. This uptick in producer prices signals continued inflationary pressures within the supply chain, even as the economy navigates post-pandemic recovery challenges.
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