Investing.com – Producer price inflation in the U.S. rose significantly more-than-expected in February, rising at the fastest pace since June 2009, official data showed on Wednesday.
In a report, the Bureau of Labor Statistics said that PPI rose by a seasonally adjusted 1.6% in February, after rising by 0.8% in January.
Analysts had expected PPI to increase by 0.6% in February.
The report also showed that core PPI, which excludes food and energy costs, rose broadly in line with expectations in February, increasing by 0.2% in February, after rising by 0.2% in the preceding month.
Following the release of the data, the U.S. dollar was up against the euro, with EUR/USD shedding 0.32% to hit 1.3953.
Meanwhile, the outlook for U.S. equity markets was downbeat. The Dow Jones Industrial Average futures pointed to a loss of 0.11%, S&P 500 futures indicated a drop of 0.09%, while the Nasdaq 100 futures pointed to a decline of 0.05%.
In a report, the Bureau of Labor Statistics said that PPI rose by a seasonally adjusted 1.6% in February, after rising by 0.8% in January.
Analysts had expected PPI to increase by 0.6% in February.
The report also showed that core PPI, which excludes food and energy costs, rose broadly in line with expectations in February, increasing by 0.2% in February, after rising by 0.2% in the preceding month.
Following the release of the data, the U.S. dollar was up against the euro, with EUR/USD shedding 0.32% to hit 1.3953.
Meanwhile, the outlook for U.S. equity markets was downbeat. The Dow Jones Industrial Average futures pointed to a loss of 0.11%, S&P 500 futures indicated a drop of 0.09%, while the Nasdaq 100 futures pointed to a decline of 0.05%.