US producer prices rose more moderately in February despite maintaining a record annual pace, keeping the Federal Reserve on track to raise interest rates this week.
The producer price index, which tracks the prices businesses receive for their goods and services, rose 10 per cent last month compared with February last year, the Bureau of Labor Statistics said on Tuesday, the fastest year-on-year rate since the data were first collected in 2010 and in line with January’s increase.
Producer prices gained 0.8 per cent month-on-month, just shy of the 1 per cent jump registered between December and January.
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