US producer prices tick up 0.3% in June

US producer prices tick up 0.3% in June

Mubasher: The seasonally adjusted US producer price index (PPI) for final demand inched up 0.3% in June from the previous month data released on Wednesday stated.

Moreover, the US price index for final demand, which excludes volatile food, energy products and trade services, also edged up 0.3%, while the unadjusted final demand index advanced 3.4% over the 12 months ended June, the US Bureau of Labor Statistics (BLS) reported.

The index’s gains in the sixth month of the year is mostly ascribed to a 0.4% price increase for final demand services, registering the largest rise since January.

Similarly, the index for final demand services, excluding trade, transportation, and warehousing services showed a 0.3% gain.

Prices of final demand goods ticked up 0.1% in June after rising by 1% in the previous month, while the index for final demand goods, less food and energy, inched up 0.3%.

By 12:30 pm GMT, the US dollar index went 0.10% to 94.2530.