Reflecting a sharp jump in energy prices, the Labor Department released a report on Wednesday showing a slightly bigger than expected increase in U.S. producer prices in the month of May.
The Labor Department said its producer price index climbed by 0.4 percent in May after edging up by 0.2 percent in April. Economists had expected prices to rise by 0.3 percent.
Excluding food and energy prices, core producer prices rose by 0.3 percent in May after inching up by 0.1 percent in the previous month. Core prices had been expected to tick up by another 0.1 percent.
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