Economic news

U.S. producer prices increase firmly, point to accelerating inflation

U.S. producer prices increased in November as petrol prices climbed and the cost of other goods rose in biggest annual gain in nearly six years.

Producer price index edged up 0.4 percent last month, following a 2.8 percent increase in October, the Labor Department reported.

The dollar gained versus a basket of currencies after the figures, while prices for U.S. Treasuries dropped. U.S. stock index futures ticked up slightly.

In November, petrol prices jumped 15.8 percent, the biggest rise since August 2009, after sliding 4.6 percent in October. Gross sale food prices inched up 0.3 percent last month after rising 0.5 percent in October. Prices for services added 0.2 percent last month after surging 0.5 percent in October.

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