Producer prices in the U.S. increased by much more than anticipated in the month of December, according to a report released by the Labor Department on Friday.
The Labor Department said its producer price index for final demand climbed by 0.5 percent in December after rising by 0.2 percent in November. Economists had expected producer prices to rise by another 0.2 percent.
Meanwhile, the report said producer prices in December were up by 3.0 percent compared to the same month a year ago, unchanged from November. The annual rate of growth was expected to slow to 2.7 percent.
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