A report released by the Labor Department on Thursday showed a modest increase in U.S. producer prices in the month of April.
The Labor Department said its producer price index for final demand inched up by 0.2 percent in April after falling by a revised 0.4 percent in March.
Economists had expected producer prices to rise by 0.3 percent compared to the 0.5 percent drop originally reported for the previous month.
The report also showed the annual rate of producer price growth slowed to 2.3 percent in April from 2.7 percent in March. The pace of growth was expected to slow to 2.4 percent.
