By Ovunc Kutlu
ISTANBUL (AA) - US producer inflation rose 7.4% on annual basis in November, according to Labor Department data released on Friday.
The latest figure marks a slowdown from October’s revised up level of 8.1%, and a significant retreat from the largest annual jump of 11.7% recorded this March.
However, the producer price index (PPI), which measures changes in the price of goods and services from a producer perspective, was still higher than the market estimate of 7.2%.
On a monthly basis, the PPI rose 0.3% in November, also higher than the market expectation of a 0.2% gain. The figure for October was revised up to a 0.3% increase.
“In November, most of the increase in the index for final demand is attributable to a 0.4-percent advance in prices for final demand services,” the department said in a statement.
Core producer prices, which exclude food, energy, and trade, moved up 0.3% in November on a monthly basis, after rising 0.2% in October.
The core PPI in November climbed 4.9% on an annual basis, following a 5.4% rise in October.