U.S. Producer Prices Inch Up Less Than Expected In May

(RTTNews) - After reporting an unexpected decrease by U.S. producer prices in the previous month, the Labor Department released a report Thursday showing producer prices crept slightly higher in the month of May.

The Labor Department said its producer price index for final demand inched up by 0.1 percent after slipping by a revised 0.2 percent in April.

Economists had expected producer prices to rise by 0.3 percent compared to the 0.4 percent decline originally reported for the previous month.

Meanwhile, the report said the annual rate of growth by producer prices accelerated to 2.6 percent in May from 2.5 percent in April, in line with economist estimates.