12.03.202012:40:00UTC+00U.S. Producer Prices Drop Much More Than Expected In February

Partly reflecting a steep drop in energy prices, the Labor Department released a report on Thursday showing U.S. producer prices declined by much more than expected in the month of February.

The Labor Department said its producer price index for final demand slid by 0.6 percent in February after climbing by 0.5 percent in January. Economists had expected the index to edge down by 0.1 percent.

Core producer prices, which exclude food and energy prices, also fell by 0.3 percent in February following a 0.5 percent increase in the previous month. Core prices were expected to inch up by 0.1 percent.