By Ovunc Kutlu
ANKARA (AA) - US producer prices were up 10.8% in May on an annual basis, according to Labor Department figures released on Tuesday.
The Producer Price Index (PPI), which measures changes in the price of goods and services from a producer perspective, came slightly lower than the 10.9% market estimate.
The annual gain in producer prices stood at 10.9% in April.
On a monthly basis, the PPI rose 0.8% in May from the previous month, coming in line with the market expectation. The PPI increased 0.4% in April, from the previous month.
"The index for final demand goods moved up 1.4% in May, the fifth consecutive rise. Over 70% of the increase in May can be traced to a 5% advance in prices for final demand energy," the Labor Department said in a statement.
Core producer prices, which exclude food, energy, and trade, moved up 0.5% in May, compared to the previous month.
Core PPI in May increased 6.8% on an annual basis.