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- U.S. producer price index plunges by 0.5% in February
U.S. producer price index plunges by 0.5% in February
The U.S. Commerce Department released the producer price index figures on Friday. The U.S. producer price index fell 0.5% in February, missing forecasts of a 0.2% increase, after a 0.8% drop in January. It was the fourth straight monthly decrease.
On a yearly basis, the producer price index decreased 0.6% in February, after a flat reading in January. It was the first decline since 2009.
The decline was driven by a drop in trade services which fell 1.5% in February.
The producer price index excluding food and energy declined 0.5% in February, missing forecasts of a 0.1% decrease, after a 0.1% fall in January.
On a yearly basis, the producer price index excluding food and energy climbed 1.0% in February, after a 1.6% rise in January.
The low inflation could mean that the Fed will delay its interest rate hike, despite a strengthening labour market.
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