U.S. Producer Prices Unexpectedly Edge Lower In May

(RTTNews) - A report released by the Labor Department on Thursday showed producer prices in the U.S. unexpectedly edged lower in the month of May.

The Labor Department said its producer price index for final demand dipped by 0.2 percent in May after climbing by 0.5 percent in April. Economists had expected producer prices to inch up by 0.1 percent.

The report also said the annual rate of producer price growth slowed to 2.2 percent in May from an upwardly revised 2.3 percent in April.

Economists had expected the annual rate of producer price growth to accelerate to 2.5 percent from the 2.2 percent originally reported for the previous month.