United States Producer Price Inflation MoM

Factory gate prices in the US rose 0.4% month-over-month in November 2024, higher than an upwardly revised 0.3% in October and twice the market forecast of 0.2%. It is the biggest monthly gain in five months, as goods cost went up 0.7%, led by foods (3.1%), namely chicken eggs (54.6%). Prices for fresh and dry vegetables, fresh fruits and melons, processed poultry, non-electronic cigarettes, and residential electric power also increased. In addition, prices for services edged up 0.2%, namely margins for machinery and vehicle wholesaling (1.8%). On an annual basis, producer price inflation accelerated for a second straight month to 3% from an upwardly revised 2.6%. Meanwhile, the core PPI which excludes volatile categories like food and energy, rose 0.2% on the month, below 0.3% in October, and matching forecasts. The annual core rate steadied at 3.4%, the same as an upwardly revised 3.4% in the previous month and above expectations of 3.2%.