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Financial News: U.S. Producer Prices Climb 0.5% In February

U.S. Producer Prices Climb 0.5% In February

03/12/2021 - 08:41:00 (RTTNews)

(RTTNews) - Reflecting another jump in energy prices, the Labor Department released a report on Friday showing U.S. producer prices increased in line with economist estimates on the month of February.

The Labor Department said its producer price index for final demand climbed by 0.5 percent in February after spiking by 1.3 percent in January. The price growth matched expectations.

Excluding prices for food, energy, and trade services, core producer prices edged up by 0.2 percent in February following a 1.2 percent jump in January.

The report also showed the annual rate of growth in producer prices surged up to 2.8 percent in February from 1.7 percent in January.

Core producer prices in February were up by 2.2 percent compared to the same month a year ago, reflecting an uptick from the 2.0 percent growth in January.

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