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Financial News: U.S. Producer Prices Inch Up Less Than Expected

U.S. Producer Prices Inch Up Less Than Expected In December

01/13/2022 - 08:42:00 (RTTNews)

(RTTNews) - Reflecting a sharp pullback in energy prices, the Labor Department released a report on Thursday showing only a slight uptick in U.S. producer prices in the month of December.

The Labor Department said its producer price index for final demand edged up by 0.2 percent in December after jumping by an upwardly revised 1.0 percent in November.

Economists had expected producer prices to rise by 0.4 percent compared to the 0.8 percent increase originally reported for the previous month.

Excluding food, energy and trade prices, core producer prices rose by 0.4 percent in December after climbing by 0.8 percent in November.

The report showed the annual rate of producer growth slowed to 9.7 percent in December from a record high 9.8 percent in November. The yearly core price growth was unchanged at 6.9 percent.

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