US producer prices rose 0.7 percent driven by services
US producer prices rose 0.7 percent in February due to higher service costs. The increase exceeded forecasts as the Fed prepares to hold interest rates steady.
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The United States reported a sharper-than-expected increase in producer prices for February, as surging costs for services and energy continue to pressure the economy. The Producer Price Index (PPI) for final demand rose 0.7% last month, following a 0.5% gain in January, according to the Labor Department's Bureau of Labor Statistics. This figure significantly exceeded the 0.3% increase predicted by economists in a Reuters poll.
