A measure of wholesale price rose more than expected in November, adding fuel to the belief that progress in bringing down inflation has slowed, the Bureau of Labor Statistics reported Thursday.
The producer price index, which measures what producers get for their products at the final-demand stage, increased 0.4% for the month, higher than the Dow Jones consensus estimate for 0.2%. On an annual basis, PPI rose 3%, the biggest advance since February 2023.
However, excluding food and energy, core PPI increased 0.2%, meeting the forecast. Also, subtracting trade services left the PPI increase at just 0.1%.
In other economic news Thursday, the Labor Department reported that first-time claims for unemployment insurance totaled a seasonally adjusted 242,000 for the week ending Dec. 7, considerably higher than the 220,000 forecast and up 17,000 from the prior period.
On the inflation front, the news was mixed.
Final-demand goods prices leaped 0.7% on the month,. the biggest move since February of this year. Some 80% of the move came from a 3.1% surge in food prices, according to the BLS.
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