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Financial News: U.S. Producer Price Index Jumps More Than Expected

U.S. Producer Price Index Jumps More Than Expected In June

07/14/2022 - 08:39:00 (RTTNews)

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

The Labor Department said its producer price index for final demand jumped by 1.1 percent in June after climbing by an upwardly revised 0.9 percent in May.

Economists had expected producer prices to increase by 0.8 percent, matching the advance originally reported for the previous month.

The annual rate of producer price growth accelerated to 11.3 percent in June, reflecting the largest spike since a record 11.6 percent jump in March.

Economists had expected the annual rate of producer price growth to slow to 10.7 percent in June from 10.9 percent in May.

Excluding prices for food, energy and trade services, core producer prices rose by 0.3 percent in June after climbing by 0.4 percent in each of the two previous months.

Compared to the same month a year ago, core producer prices were up by 6.4 percent in June, reflecting a slowdown from the 6.7 percent surge in May.

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