US producer inflation eases to 6.2% in December 2022

US annual producer inflation eased to 6.2% in December 2022, according to Labor Department data released on Wednesday.

The latest figure marks a slowdown from November's annual gain of 7.3%, which was revised downward from 7.4%.

It is also a significant retreat from the record annual jump of 11.7% seen in March 2022.

The Producer price index (PPI), which measures changes in the price of goods and services from a producer perspective, also beat the market estimate of 6.8% for December.

On a monthly basis, the PPI fell 0.5% in December, also beating the market expectation of a 0.1% decrease. The figure for November was unrevised, showing a 0.2% increase.

"In December, the decrease in the final demand index can be attributed to a 1.6-percent decline in prices for final demand goods. In contrast, the index for final demand services rose 0.1 percent," the Labor Department said in a statement.

Core producer prices, which exclude food, energy, and trade, moved up 0.1% in December on a monthly basis, after rising 0.3% in November.

Core PPI in December climbed 4.6% on an annual basis, following a 4.9% rise in November.

Source: Anadolu Agency