US producer prices slow to 3.3% in December 2024

The US producer price inflation slowed in December, signaling a cooling of the overall price level in the world's largest economy.

The annual producer price index (PPI) slowed to 3.3% in December, from 3.5% in November, below expectations of a 3.4% growth, data released by the US Labor Department showed on Thursday.

Core inflation, which excludes volatile items such as food, energy and trade services, rose to 3.3% YoY.

On a monthly basis, the PPI increased by 0.2% in December, after a 0.4% rise in November, below forecasts of 0.4%.

The data also showed that gasoline prices rose 9.7% MoM in December, which was offset by a 14.7% decline in the prices of fresh and dried vegetables.

Services prices remained stable despite a 7.2% increase in passenger transport prices, which was offset by a decline in traveler accommodation prices.