WASHINGTON, DC – The Producer Price Index for final demand increased one-half of one percent in February according to the U.S. Bureau of Labor Statistics (BLS). The increase follows advances of 1.3 percent in January and 0.3 percent in December. On an unadjusted basis, the final demand index moved up 2.8 percent for the 12 months ended in February, the largest increase since rising 3.1 percent in October 2018. Over two-thirds of the broad-based increase in February can be traced to prices for final demand energy (up 6 percent) with gasoline prices driving the move higher. The diesel fuel, beef and veal, basic organic chemicals, residential electric power, and chicken eggs also moved higher while prices for fresh and dry vegetables fell 17 percent.
(SOURCE: All Ag News)