WASHINGTON,: U.S. producer prices barely rose in February, resulting in the smallest annual increase in more than 1-1/2 years, in the latest sign of benign inflation that supports the Federal Reserve's wait-and-see approach to further interest rate hikes this year.
A key gauge of underlying producer price pressures that excludes food, energy and trade services rose 0.1 percent last month after climbing 0.2 percent in January. The so-called core PPI increased 2.3 percent in the 12 months through February, the smallest rise since December 2017, after advancing 2.5 percent in January.
Slowing domestic and global growth are keeping inflation contained even as a tight labor market boosts wage growth. An improvement in productivity is curbing labor costs for companies and the dollar strength last year is weighing on prices of imported goods.The Fed has pledged to be"patient" before tightening monetary policy further. The U.S. central bank raised interest rates four times in 2018.
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