The Labor
Department announced on Thursday the U.S. producer-price index (PPI) climbed
0.4 per cent m-o-m in November, following an upwardly revised 0.3 per cent m-o-m rise (from +0.2 per cent m-o-m) in October. This represented the strongest monthly gain in PPI since June
(+0.4 per cent m-o-m).
For the 12
months through November, the PPI soared by 3.0 per cent, sharply accelerating from
an upwardly revised 2.6 per cent advance (from +2.4
per cent) in the previous month. This marked the strongest
annual gain since February 2023
(+4.7 per cent).
Economists had predicted
the headline PPI would increase 0.2 per cent m-o-m and 2.6 per cent over the
past 12 months.
According to
the report, around 60 per cent of the November gain in the headline index can
be attributed to a 0.7-per cent m-o-m jump in the index for final demand goods.
In addition, the index for final demand services increased 0.2 per cent m-o-m.
Excluding
volatile prices for food and energy, the PPI went up 0.2 per cent m-o-m and
soared 3.4 per cent over 12 months. Economists had forecast advances of 0.2 per
cent m-o-m and 3.2 per cent y-o-y for November. In October, the core PPI posted
a 0.3 per cent m-o-m gain and a 3.4
per cent y-o-y surge (revised from +3.1 per cent y-o-y in the initial
estimate).