A report released by the Labor Department on Thursday showed a modest decrease in U.S. producer prices in the month of March.
The Labor Department said its producer price index for final demand edged down by 0.1 percent in March after rising by 0.3 percent in February. Economists had expected prices to come in flat.
The slight drop in producer prices was partly due to a decrease in prices for final demand services, which dipped by 0.1 percent in March following a 0.4 percent increase in the previous month.
The report also showed a substantial decrease in energy prices. After rising by 0.6 percent in February, energy prices plunged by 2.9 percent.
The Labor Department said core producer prices, which exclude food and energy prices, came in unchanged in March following a 0.3 percent increase in February. Core prices had been expected to rise by 0.2 percent.
Compared to the same month a year ago, producer prices were up by 2.3 percent in March compared to the 2.2 percent increase in February.
Core producer prices were up by 1.6 percent year-over-year in March, reflecting a modest acceleration from the 1.5 percent growth seen in February.
On Friday, the Labor Department is scheduled to release a separate report on consumer prices in March. Consumer prices are expected to come in flat, while core consumer prices are expected to rise by 0.2 percent.
by RTT Staff Writer
For comments and feedback: editorial@rttnews.com
Forex News
