US producer prices rise more than expected in November

US producer prices were up more than expected in November, with the Producer Price Index (PPI) rising 3% year-on-year, according to data released Wednesday by the Bureau of Labor Statistics.

The figure exceeded expectations of 2.7% for the month, and followed 2.8% in October.

Meanwhile, month-on-month PPI rose 0.2%, matching expectations.

"The November increase in prices for final demand can be traced to a 0.9-percent advance in the index for final demand goods. Prices for final demand services were unchanged," the bureau said in a statement.

The agency said more than half of the November rise in the index for final demand goods was attributable to prices for gasoline, which moved up 10.5%.

Prices for final demand less foods, energy and trade services rose 0.2%, after moving up 0.7% in October.

"For the 12 months ended in November, prices for final demand less foods, energy, and trade services climbed 3.5%, the largest 12-month increase since rising 3.5% in March," the bureau said.

Core PPI, which excludes volatile food and energy prices, was unchanged in November, below forecasts of a 0.2% rise.