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- U.S. PPI increases more than forecast in May
U.S. PPI increases more than forecast in May
The Labor
Department reported on Thursday the U.S. producer-price index (PPI) rose 0.4
percent m-o-m in May, following an unrevised 1.3 percent m-o-m drop in April.
For the 12
months through May, the PPI decreased 0.8 percent, following a 1.2 percent decline
in the previous month.
Economists had
forecast the headline PPI would increase 0.1 percent m-o-m but drop 1.2 percent
over the past 12 months.
According to
the report, the May advance in the final demand index was attributable to a
climb in prices for final demand goods (+1.6 percent m-o-m, the largest
increase ever), which more than offset a fall in prices for final demand
services (-0.2 percent m-o-m).
Excluding
volatile prices for food and energy, the PPI edged down 0.1 percent m-o-m but
rose 0.3 percent over 12 months. Economists had forecast a decline of 0.1
percent m-o-m and a gain of 0.4 percent y-o-y.
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