A report released by the Labor Department on Friday showed U.S producer prices increased by more than expected in the month of November.
The Labor Department said its producer price index for final demand rose by 0.3 percent in November, matching upwardly revised increases in October and September.
Economists had expected producer prices to inch up by 0.1 percent compared to the 0.2 percent uptick originally reported for the previous month.
Meanwhile, the report showed the annual rate of producer price growth slowed to 7.4 percent in November from 8.1 percent in October, in line with economist estimates.
