Producer prices in the U.S. rose by more than anticipated in the month of May, according to a report released by the Labor Department on Friday, with the price growth largely due to a notable rebound by energy prices.
The Labor Department said its producer price index rose by 0.5 percent in May following a 0.7 percent decrease in April. Economists had been expecting producer prices to edge up by 0.2 percent.
Excluding the jump in energy prices as well as an increase in food prices, the core producer price index inched up by 0.1 percent for the second straight month, matching economist estimates.
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