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Financial News: U.S. Producer Price Growth Exceeds Estimates In February

U.S. Producer Price Growth Exceeds Estimates In February

03/14/2024 - 09:43:00 (RTTNews)

(RTTNews) - A report released by the Labor Department on Thursday showed producer prices in the U.S. increased by much more than expected in the month of February.

The Labor Department said its producer price index for final demand climbed by 0.6 percent in February after rising by 0.3 percent in January. Economists had expected producer prices to rise by another 0.3 percent.

The report also said the annual rate of producer price growth accelerated to 1.6 percent in February from a revised 1.0 percent in January.

Economists had expected the year-over-year price growth to rise to 1.1 percent from the 0.9 percent originally reported for the previous month.

The stronger than expected monthly producer price growth partly reflected a substantial rebound by energy prices, which spiked by 4.4 percent in February after slumping by 1.1 percent in January.

Prices for food also jumped by 1.0 percent in February following a 0.3 percent decrease in the previous month.

Excluding food and energy prices, prices for final demand goods rose by 0.3 percent in February, matching the increase seen in January.

The Labor Department said prices for final demand services also grew by 0.3 percent in February after climbing by 0.5 percent in January.

While prices for trade services fell by 0.3 percent, prices for transportation and warehousing services advanced by 0.9 percent and prices for other services increased by 0.5 percent.

Excluding prices for food, energy, and trade services, core producer prices rose by 0.4 percent in February after climbing by 0.6 percent in January.

The annual rate of core producer price growth crept up to 2.8 percent in February from 2.7 percent in January.

"Overall, following the CPI print earlier this week, this likely continues to provide support for the Fed remaining on pause for the next few meetings," said Rob Swanke, Senior Equity Strategist for Commonwealth Financial Network.

A separate report released by the Labor Department on Tuesday showed consumer prices in the U.S. increased in line with economist estimates in the month of February.

The Labor Department said its consumer price index climbed by 0.4 percent in February after rising by 0.3 percent in January. The advance matched expectations.

Excluding food and energy prices, core consumer prices also rose by 0.4 percent in February, matching the increase seen in January. Economists had expected core prices to rise by 0.3 percent.

The report also said the annual rate of consumer price growth ticked up to 3.2 percent in February from 3.1 percent in January. The year-over-year growth was expected to be unchanged.

Meanwhile, the annual rate of core consumer price growth slowed to 3.8 percent in February from 3.9 percent in January. Economists had expected the pace of growth to decelerate to 3.7 percent.

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