US producer inflation rose below expectations in May

The US Producer Price Index (PPI) rose 1.1 percent in May compared to the same month a year earlier.

Economists polled by Reuters had forecast the PPI to rise 1.5 percent.

The PPI rose 2.3 percent on-year in April.

On the month, the PPI fell minus 0.3 percent, more than expected.

Economists polled by Reuters had forecast the PPI to fall 0.1 percent. The US Department of Labor announced that the PPI rose 0.2 percent in April.

Core producer prices, which do not reflect food and energy prices, rose 0.2 percent in May, in line with expectations. The core PPI was announced at 0.2 percent in April.

On an annual basis, the core PPI rose 2.8 percent in May, below expectations. Economists polled by Reuters had forecast it to be 2.9 percent a year.