US producer prices rose more quickly than expected last month

(Sharecast News) - Wholesale inflation in the U.S. rose more quickly than anticipated, due in large part to higher energy prices. According to the Department of Labor, in seasonally adjusted terms producer prices rose by 0.6% month-on-month and by 1.6% year-on-year.

Economists had forecast increases of 0.3% and 1.1%, respectively.

Food prices rose by 1.0% on the month and those for energy goods by 4.4%.

Gains in the latter followed four consecutive monthly drops.

Excluding food and energy, producer prices were up by 0.3% over the month (consensus: 0.2%).

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