The US Bureau of Labor Statistics has reported that the US Producer Price Index (PPI) for the month of January rose to 6 percent on a year-on-year (YoY) basis, compared to the estimated 5.6 percent.

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The Core PPI, which excludes volatile food and energy prices, also saw an increase of 5.4 percent YoY, compared to the estimated 5.1 percent.

The PPI for the month of January has risen by 0.7 percent on a month-on-month (MoM) basis, exceeding the estimated figure of 0.2 percent. The Core PPI also saw a significant increase of 0.5 percent MoM, compared to the estimated figure of 0.2 percent.

In addition to the PPI data, the Bureau of Labor Statistics also reported that the US Initial Jobless Claims for the week ending February 11 were at 194,000, a slight decrease from the previous week's figure of 195,000.

This marks a continued trend of relatively low unemployment figures in the US, which have managed to remain stable after sustaining significant damage in the past year due to the COVID-19 pandemic.

Also read: US inflation rose 0.5% in January, up 6.4% from a year ago

First Published:Feb 16, 2023 9:12 PM IST