US PPI comes in hotter than expected in November
US producer prices increased to 140.98 points in November, according to the Bureau of Labor Statistics, up from 140.56 points in October and ahead of forecasts, driven by services and underscoring the stickiness of inflationary pressures.
The PPI, a measure of what companies get for their products, increased 0.3% month-on-month and 7.4% from year-on-year, while economists expected to see a 0.2% gain.
The hotter-than-expected inflation report weighed on positive sentiment regarding the Federal Reserve's ability to soon halt its interest rate hiking campaign.
Reporting by Iain Gilbert at Sharecast.com