Manufacturer prices in the U.S. grew exceeding forecasts last month due to rise in services and cars costs, causing the highest jump in over 6 years.
The Labor Department’s index of producer prices for final demand showed today a 0.3% hike in June, driven up by gaining gasoline prices. The index of May climbed 0.5%. 12-month period from May 2017 to June this year recorded a 3.4% increment in the index, the maximum growth from the end of 2011.
May’s year-on-year reading for producer prices added 3.1%. In a Reuters poll experts’ estimate had resulted at 0.2% rise in the producer price index for June, whereas projected year-on-year figure at 3.2%.