The
Labor Department reported on Tuesday the U.S. producer-price index (PPI) climbed
0.8 percent m-o-m in November, following an unrevised 0.6 percent m-o-m gain in
October. The latest advance was the largest since June.
For
the 12 months through November, the PPI surged 9.6 percent after an unrevised 8.6
percent jump in the previous month. That represented the biggest increase since
12-month data were first calculated in November 2010.
Economists
had forecast the headline PPI would rise 0.5 percent m-o-m last month and 9.2 percent
over the past 12 months.
According
to the report, both the index for final demand services (+0.7 percent m-o-m)
and the index for final demand goods (+1.2 percent m-o-m) contributed to the November
gain in the headline indicator.
Excluding
volatile prices for food and energy, the PPI increased 0.7 percent m-o-m (the fastest pace since July) and soared 7.7 percent over 12 months (the largest increase on record).
Economists had forecast advances of 0.4 percent m-o-m and 7.2 percent y-o-y.