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The U.S. Bureau of Labor Statistics reported on Thursday that wholesale prices rose more than expected in November, further bolstering confidence that progress in curbing inflation is slowing.
this producer price indexPrices, a measure of what producers get for products at the final demand stage, rose 0.4% for the month, above the Dow Jones consensus estimate of 0.2%. On an annual basis, PPI rose 3%, the largest increase since February 2023.
However, excluding food and energy, core PPI rose 0.2%, in line with forecasts. In addition, excluding trade services, PPI increased by only 0.1%.
In other economic news Thursday, the Labor Department reported that initial jobless insurance claims totaled a seasonally adjusted 242,000 in the week ended December 7, well above the forecast of 220,000 and up 17,000 from the previous period. .
On the inflation front, the news is mixed.
The price of final demand commodities increased by 0.7% month-on-month. This is the biggest change since February this year. About 80% of the increase came from a 3.1% increase in food prices, according to the Bureau of Labor Statistics. In the food category, eggs soared 54.6%, and commodities such as dried vegetables, fresh fruits and poultry also rose across the board.
This is breaking news. Please check back for updates.
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