Economic Buzz: US producer prices rise 0.2% in November

A report released by the Labor Department on Wednesday showed a modest increase by U.S. producer prices in the month of November.

The Labor Department said its producer price index for final demand rose by 0.2 percent in November after inching up by 0.1 percent in October.

Meanwhile, the report said the annual rate of growth by producer prices accelerated to 3.0 percent in November from 2.8 percent in October.

The modest monthly increase by producer prices largely reflected a rebound in prices for energy, which spiked by 4.6 percent in November after plunging by 3.2 percent in October.

Excluding prices for food, energy and trade services, core producer prices rose by 0.2 percent in November after climbing by 0.7 percent in October.

The annual rate of growth by core producer prices crept up to 3.5 percent in November from 3.4 percent in October.

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