Producer prices in the U.S. advanced by more than expected in the month of January, the Labor Department revealed in a report released on Thursday.
The Labor Department said its producer price index for final demand climbed by 0.7 percent in January after edging down by a revised 0.2 percent in December.
Economists had expected producer prices to increase by 0.4 percent compared to the 0.5 percent drop originally reported for the previous month.
Meanwhile, report said the annual rate of produce price growth slowed to 6.0 percent in January from 6.5 percent in December. The year-over-year growth was expected to slow to 5.4 percent.
