US producer prices rise most in 5 months

By Tuba Ongun

Producer Prices Index (PPI) in the US rose at the fastest pace in 5 months in November, according to the Labor Department's Bureau of Labor Statistics data released Thursday.

Monthly producer inflation accelerated to 0.4% in November from an upwardly revised 0.3% in October and exceeded the market forecast of 0.2%.

This was mainly led by a 0.7% monthly hike in the cost of goods, the largest increase since February.

Core PPI, which excludes volatile food and energy, increased 0.2% month-on-month in November, matching estimates.

On an annual basis, PPI surged 3% in November, the largest rise since moving up 4.7% for the 12 months ending in February 2023.