(RTTNews) - The Labor Department released a report on Friday showing producer prices increased by more than expected in the month of January.
The report said the Labor Department's producer price index for final demand climbed by 0.5 percent in January after rising by a downwardly revised 0.4 percent in December.
Economists had expected producer prices to rise by 0.3 percent compared to the 0.5 percent increase originally reported for the previous month.
The Labor Department also said the annual rate of producer price growth edged down to 2.9 percent in January from 3.0 percent in December. Economists had expected yearly growth to slow to 2.8 percent.
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