WASHINGTON (dpa-AFX) - A report released by the Labor Department on Thursday showed a much bigger than expected increase in U.S. producer prices in the month of May.
The Labor Department said its producer price index for final demand climbed by 0.4 percent in May after tumbling by 1.3 percent in April. Economists had expected the index to inch up by just 0.1 percent.
The bigger than expected increase in producer prices reflected sharp jumps in prices for food and energy, which surged up by 6.0 percent and 4.5 percent, respectively.
Excluding food and energy prices, core producer prices edged down by 0.1 percent in May after falling by 0.3 percent in April. The dip in core prices matched economist estimates.
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