Following the release of a report on consumer price inflation on Wednesday, the Labor Department released a report on Thursday showing producer prices in the U.S. rose in line with economist estimates in the month of January.
The Labor Department said its producer price index for final demand climbed by 0.4 percent in January after coming in unchanged in December.
The increase in producer prices was partly due to a jump in energy prices, which surged up by 3.4 percent in January after rising by 0.5 percent in December. Gasoline prices led the way higher, spiking by 7.1 percent.
On the other hand, the report showed a continued decrease in food prices, which dipped by 0.2 percent in January after falling by 0.4 percent in the previous month.
Excluding food and energy prices, core producer prices increased by 0.4 percent in January. Core prices had been expected to edge up by 0.2 percent.
The Labor Department said prices for final demand services rose by 0.3 percent in January after edging down by 0.1 percent in December.
Nearly two-thirds of the service price growth was attributable to a 0.4 percent increase by the index for final demand services less trade, transportation, and warehousing.
Compared to the same month a year ago, producer prices were up by 2.7 percent in January, reflecting an acceleration from 2.6 percent in December. Core producer prices were up 2.2 percent year-over-year.
On Wednesday, Labor Department released a separate report showing a bigger than expected increase in consumer prices in the month of January.
The consumer price index climbed by 0.5 percent in January after edging up by a revised 0.2 percent in December. Economists had expected consumer prices to rise by 0.3 percent.
Excluding food and energy prices, core consumer prices rose by 0.3 percent in January after inching up by 0.2 percent in December. Core prices had been expected to increase by 0.2 percent.
Compared to the same month a year ago, consumer prices were up by 2.1 percent in January, while core consumer prices were up by 1.8 percent.