US factory gate prices unexpectedly rise in January

Factory gate prices edged higher in January on the back of gains in food prices, coming in above analysts' forecasts.

The country's producer price index rose by 0.1% month-on-month, but was lower by 0.2% from year-ago levels, according to the Bureau of Labor Statistics.

Economists had expected a fall of 0.2% month-on-month and 0.6% year-on-year.

Prices for goods rose by 0.2% in comparison to the month before, with a 1.0% increase in godos prices offsetting a 5.0% drop in energy prices.

In December, total producer prices had declined by 0.2% over the month and by 1.0% year-on-year.