Investing.com – A key index of U.S. producer prices dropped further than forecast in February, official data showed on Tuesday.
The U.S. Bureau of Labor Statistics said its Producer Price Index for Finished Goods declined a seasonally adjusted 0.6% during the month, down from a 1.4% increase in January.
Economists had predicted that the tally, an important indicator of consumer inflation, would only drop 0.2%.
Following the release of the data, the U.S. dollar rose against the euro, with EUR/USD shedding 0.07% to hit 1.3757.
The U.S. Bureau of Labor Statistics said its Producer Price Index for Finished Goods declined a seasonally adjusted 0.6% during the month, down from a 1.4% increase in January.
Economists had predicted that the tally, an important indicator of consumer inflation, would only drop 0.2%.
Following the release of the data, the U.S. dollar rose against the euro, with EUR/USD shedding 0.07% to hit 1.3757.