Investing.com - Producer price inflation in the U.S. rose in line with expectations in February, while core prices inched up slightly, official data showed on Thursday.
In a report, the Bureau of Labor Statistics said that producer prices rose by a seasonally adjusted 0.7% in February, in line with expectations, after rising 0.2% in January.
Year-over-year, the producer price index rose at an annualized rate of 1.7% last month, matching expectations. PPI rose at an annualized rate of 1.4% in January.
The core producer price index eased up 0.2% in February, in line with expectations after rising 0.2% in January.
Core produces prices rose at an annualized rate of 1.7% last month, after climbing 1.8% in January.
Core prices are viewed by the Federal Reserve as a better gauge of longer-term inflationary pressure because they exclude the volatile food and energy categories.
Following the release of the data, the U.S. dollar added to gains against the euro, with EUR/USD shedding 0.37% to trade at 1.2913.
Meanwhile, U.S. stock index futures held on to modest gains. The Dow Jones Industrial Average futures pointed to an increase of 0.2% at the open, S&P 500 futures indicated a gain of 0.3%, while the Nasdaq 100 futures signaled a 0.4% advance.
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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
