Financial News: U.S. Producer Prices Rise Slightly More Than Expected

U.S. Producer Prices Rise Slightly More Than Expected In June

07/12/2024 - 08:36:00 (RTTNews)

(RTTNews) - Following yesterday's tamer-than-expected consumer price inflation data, the Labor Department released a report on Friday showing producer prices in the U.S. increased by slightly more than expected in the month of June.

The Labor Department said its producer price index for final demand rose by 0.2 percent in June following a revised unchanged reading in May.

Economists had expected producer prices to inch up by 0.1 percent compared to the 0.2 percent dip originally reported for the previous month.

The report also said the annual rate of producer price growth accelerated to 2.6 percent in June from an upwardly revised 2.4 percent in May.

The annual rate of producer price growth was expected to creep up to 2.3 percent from the 2.2 percent originally reported for the previous month.

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