(RTTNews) - Following yesterday's hotter than expected consumer price inflation data, the Labor Department released a report on Thursday showing U.S. producer prices also increased by slightly more than anticipated in the month of January.
The Labor Department said its producer price index for final demand rose by 0.4 percent in January after climbing by an upwardly revised 0.5 percent in December.
Economists had expected producer prices to rise by 0.3 percent compared to the 0.2 percent uptick originally reported for the previous month.
Meanwhile, the report said the annual rate of producer price growth in January was unchanged from an upwardly revised 3.5 percent in December.
The annual rate of producer price growth was expected to slow to 3.2 percent from the 3.3 percent originally reported for the previous month.
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