US producer prices rise broadly in February

Washington

US producer prices increased more than expected in February, and the year-on-year gain was the largest in nearly five years, pointing to a steady rise in inflation pressures.

The Labor Department said on Tuesday that its producer price index for final demand increased 0.3 per cent last month after rising 0.6 per cent in January. Economists polled by Reuters had forecast a 0.1 per cent uptick.