Washington: Producer prices in the US rose by 3.3% in December 2024 on a yearly basis, compared to 1.1% in December 2023, according to the Bureau of Labor Statistics. The rise in producer prices fell short of market expectations, which anticipated a 3.5% increase for the month.

According to Anadolu Agency, the Bureau of Labor Statistics also reported a 0.2% month-on-month increase in producer prices for December. The report noted that the increase in prices for final demand goods was largely driven by a 3.5% rise in the index for final demand energy. In contrast, prices for final demand foods experienced a slight decline of 0.1%, while the index for final demand goods, excluding foods and energy, remained unchanged.

The US is set to release consumer inflation figures on Wednesday. This will be the final report of its kind under President Joe Biden, whose term in the White House concludes next Monday.