Investing.com – Producer price inflation in the U.S. rose broadly in line with market expectations in November, official data showed on Thursday.
In a report, the Bureau of Labor Statistics said that PPI rose by a seasonally adjusted 0.3% in November, in line with expectations.
Producer prices fell by an unrevised 0.3% in October.
Year-over-year, the producer price index rose at an annualized rate of 5.7% in November, after advancing at a rate of 5.9% in October. Analysts had expected producer prices to increase at a rate of 5.8%.
The more closely followed core producer price index rose 0.1% in November, below expectations for a 0.2% increase. Core PPI was flat in October.
Core prices are viewed by the Federal Reserve as a better gauge of longer-term inflationary pressure because they exclude the volatile food and energy categories.
Following the release of the data the U.S. dollar extended losses against the euro, with EUR/USD rising 0.46% to trade at 1.3042.
Meanwhile, stock index futures added to gains following the data. The Dow Jones Industrial Average futures pointed to a rise of 1.1%, S&P 500 futures climbed 1.2%, while the Nasdaq 100 futures indicated a gain of 0.95%.
In a report, the Bureau of Labor Statistics said that PPI rose by a seasonally adjusted 0.3% in November, in line with expectations.
Producer prices fell by an unrevised 0.3% in October.
Year-over-year, the producer price index rose at an annualized rate of 5.7% in November, after advancing at a rate of 5.9% in October. Analysts had expected producer prices to increase at a rate of 5.8%.
The more closely followed core producer price index rose 0.1% in November, below expectations for a 0.2% increase. Core PPI was flat in October.
Core prices are viewed by the Federal Reserve as a better gauge of longer-term inflationary pressure because they exclude the volatile food and energy categories.
Following the release of the data the U.S. dollar extended losses against the euro, with EUR/USD rising 0.46% to trade at 1.3042.
Meanwhile, stock index futures added to gains following the data. The Dow Jones Industrial Average futures pointed to a rise of 1.1%, S&P 500 futures climbed 1.2%, while the Nasdaq 100 futures indicated a gain of 0.95%.