USA: surprise decline in producer prices in May
The Producer Price Index (PPI) for final demand declined by 0.2% last month, after rising by 0.5% in April, whereas economists were forecasting a 0.1% month-on-month increase.
On a year-on-year basis, the PPI rose by 2.2%.
The index measuring underlying pressure on producer prices, which excludes food, energy and commercial services, was perfectly stable last month, following a gain of 0.5% in April.
On a year-on-year basis, growth in this 'core' index stood at 3.2%.
These lower-than-expected figures come after the Labor Department announced yesterday that the consumer price index (CPI) rose less than expected in May.
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