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US Producer Prices Surpass Expectations
(MENAFN) US producer prices increased more than anticipated in November, with the Producer Price Index (PPI) climbing 3% year-over-year, according to data published Wednesday by the Bureau of Labor Statistics.
This result surpassed projections of 2.7% for the month and followed a 2.8% rise in October. On a month-to-month basis, the PPI increased 0.2%, in line with predictions.
"The November increase in prices for final demand can be traced to a 0.9-percent advance in the index for final demand goods. Prices for final demand services were unchanged," the bureau stated.
The agency noted that over half of the November growth in the index for final demand goods was linked to gasoline prices, which surged 10.5%.
Prices for final demand excluding foods, energy, and trade services rose 0.2% after a 0.7% increase in October.
"For the 12 months ended in November, prices for final demand less foods, energy, and trade services climbed 3.5%, the largest 12-month increase since rising 3.5% in March," the bureau reported.
Core PPI, which omits the often-volatile costs of food and energy, remained unchanged in November, falling short of forecasts anticipating a 0.2% gain.
This result surpassed projections of 2.7% for the month and followed a 2.8% rise in October. On a month-to-month basis, the PPI increased 0.2%, in line with predictions.
"The November increase in prices for final demand can be traced to a 0.9-percent advance in the index for final demand goods. Prices for final demand services were unchanged," the bureau stated.
The agency noted that over half of the November growth in the index for final demand goods was linked to gasoline prices, which surged 10.5%.
Prices for final demand excluding foods, energy, and trade services rose 0.2% after a 0.7% increase in October.
"For the 12 months ended in November, prices for final demand less foods, energy, and trade services climbed 3.5%, the largest 12-month increase since rising 3.5% in March," the bureau reported.
Core PPI, which omits the often-volatile costs of food and energy, remained unchanged in November, falling short of forecasts anticipating a 0.2% gain.
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