U.S. producer prices edged up in December as a rise in the cost of goods was off...
WASHINGTON - U.S. producer prices edged up in December as a rise in the cost of goods was offset by weakness in services, the latest indication of tame inflation pressures that could allow the Federal Reserve to keep interest rates unchanged this year.
For all of 2019, the PPI rose 1.3%. That was the smallest gain since 2015 and followed a 2.6% increase in 2018. U.S. financial markets were little moved by the data as investors awaited the signing on Wednesday of a preliminary trade deal between the United States and China, a first step toward diffusing an 18-month trade war.The producer inflation data followed a report on Tuesday showing a small rise in consumer prices in December. The Fed, which has a 2% annual inflation target, tracks the core personal consumption expenditures price index for monetary policy.
Inflation could remain tame, with the government reporting last Friday that the annual increase in wage growth retreated to below 3.0% in December even as the unemployment rate held at a near 50-year low of 3.5% and a broader measure of labor market slack dropped to a record 6.7%.
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