- POSTED: 15 Jan 2014 22:08
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US producer prices rose modestly in December on higher energy costs, ending two consecutive months of declines, the Labor Department said Wednesday.
WASHINGTON: US producer prices rose modestly in December on higher energy costs, ending two consecutive months of declines, the Labor Department said Wednesday.
The producer price index rose 0.4 per cent in December, slightly more than the 0.3 per cent consensus estimate.
Excluding food and energy prices, core PPI rose 0.3 per cent, the fourth month of gains.
Energy prices jumped 1.6 per cent in December, with more than half the increase due to gasoline prices. Food prices fell 0.6 per cent.
Wholesale inflation remained tame last month on a year-over-year basis.
Prices for finished goods rose 1.2 per cent from December 2012, compared with a 1.4 per cent increase in 2012.
Overall inflation long has been well below the central bank's 2.0 per cent target despite the Federal Reserve's massive stimulus to support the US recovery from recession.