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- U.S. PPI increases more than expected in June
U.S. PPI increases more than expected in June
The
Labor Department reported on Wednesday the U.S. producer-price index (PPI) climbed
1.0 percent m-o-m in June, following an unrevised 0.8 percent m-o-m gain in May.
For
the 12 months through June, the PPI surged 7.3 percent after an unrevised 6.6 percent
jump in the previous month. That was the largest increase since 12-month data
were first calculated in November 2010. since the 12 months ended November
2010.
Economists
had forecast the headline PPI would increase 0.6 percent m-o-m last month and 6.8
percent over the past 12 months.
According
to the report, nearly 60 percent of the June rise in the index for final demand
can be traced to a 0.8-percent m-o-m gain in prices for final demand services.
In addition, the index for final demand goods went up 1.2 percent m-o-m.
Excluding
volatile prices for food and energy, the PPI went up 1.0 percent m-o-m and climbed
5.6 percent over 12 months (the largest advance since 12-month data were first
calculated in August 2014). Economists had forecast advances of 0.5 percent
m-o-m and 5.1 percent y-o-y.
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