Investing.com – Producer price inflation in the U.S. rose more-than-expected in April, official data showed on Thursday.
In a report, the Bureau of Labor Statistics said that PPI rose by a seasonally adjusted 0.8% in April, after rising by 0.7% in March.
Analysts had expected PPI to increase by 0.6% in April.
According to the data, the producer price index rose at an annualized rate of 6.8% in April, after advancing at a rate of 5.8% in March. Analysts expected year-on-year PPI to rise at an annualized rate of 6.5%.
The report also showed that core PPI, which excludes food and energy costs, rose slightly more-than-expected in April, increasing by 0.3% after rising by 0.3% in the preceding month. Analysts had expected core PPI to rise by 0.2%.
Following the release of the data the U.S. dollar was up against the euro, with EUR/USD shedding 0.19% to hit 1.4164.
Meanwhile, the outlook for U.S. equity markets was broadly lower. The Dow Jones Industrial Average futures pointed to a loss of 0.35%, S&P 500 futures indicated a drop of 0.4%, while the Nasdaq 100 futures pointed to a decline of 0.55%.
In a report, the Bureau of Labor Statistics said that PPI rose by a seasonally adjusted 0.8% in April, after rising by 0.7% in March.
Analysts had expected PPI to increase by 0.6% in April.
According to the data, the producer price index rose at an annualized rate of 6.8% in April, after advancing at a rate of 5.8% in March. Analysts expected year-on-year PPI to rise at an annualized rate of 6.5%.
The report also showed that core PPI, which excludes food and energy costs, rose slightly more-than-expected in April, increasing by 0.3% after rising by 0.3% in the preceding month. Analysts had expected core PPI to rise by 0.2%.
Following the release of the data the U.S. dollar was up against the euro, with EUR/USD shedding 0.19% to hit 1.4164.
Meanwhile, the outlook for U.S. equity markets was broadly lower. The Dow Jones Industrial Average futures pointed to a loss of 0.35%, S&P 500 futures indicated a drop of 0.4%, while the Nasdaq 100 futures pointed to a decline of 0.55%.