This is a slightly faster price increase than economists had predicted.
Over the one-month period, producer prices rose 0.8% in February, slightly lower than forecast for the season and lower than the January level.
Where is the price high?
Much of the February price hike came on the back of higher energy costs. Global oil prices soared in late February as Russia occupied Ukraine. Since the beginning of the year, U.S. oil prices have risen nearly 30%.
Prices of goods sold to other businesses, such as parts, also rose due to energy costs.
Thus, the elimination of energy costs paints a more controlled picture of manufacturer price inflation.
Without energy, food and trade services, the PPI rose 0.2% in February – the lowest level since January and the lowest level since November 2020 – and 6.6% over the 12-month period. Year.
This is a growing story. It will be updated