Wholesale prices rose 0.4% in November, more than expected [View all]
Source: CNBC
Published Thu, Dec 12 2024 8:31 AM EST | Updated 2 Min Ago
A measure of wholesale price rose more than expected in November, adding fuel to the belief that progress in bringing down inflation has slowed, the Bureau of Labor Statistics reported Thursday.
The producer price index, which measures what producers get for their products at the final-demand stage, increased 0.4% for the month, higher than the Dow Jones consensus estimate for 0.2%. On an annual basis, PPI rose 3%, the biggest advance since February 2023.
However, excluding food and energy, core PPI increased 0.2%, meeting the forecast. Also, subtracting trade services left the PPI increase at just 0.1%.
In other economic news Thursday, the Labor Department reported that first-time claims for unemployment insurance totaled a seasonally adjusted 242,000 for the week ending Dec. 7, considerably higher than the 220,000 forecast and up 17,000 from the prior period.
Read more: https://www.cnbc.com/2024/12/12/producer-price-index-november-2024-.html
Article updated.
Original article -
The producer price index was expected to increase 0.2% in November, according to the Dow Jones consensus estimate.
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