US producer prices revised lower in December
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People shop in a supermarket as rising inflation affects consumer prices in Los Angeles, California, U.S., June 13, 2022. REUTERS/Lucy Nicholson/File Photo
WASHINGTON (Reuters) - U.S. producer prices fell more than initially thought in December, revised government data showed on Wednesday.
The producer price index for final demand dropped 0.2% in December instead of dipping 0.1% as previously reported, annual revisions of the PPI data published by the Labor Department's Bureau of Labor Statistics (BLS) showed.
Data for October and November were unrevised to show PPI declining 0.4% and slipping 0.1%, respectively.
The revisions resulted from the recalculation of seasonal adjustment factors, the model used by the government to strip out seasonal fluctuations from the data. This routine procedure, which the BLS undertakes every year, covered data from January 2019 through December 2023. Weights in the PPI basket were also updated. The year-on-year data, which is not seasonally adjusted, was unrevised.
(Reporting by Lucia Mutikani; Editing by Andrea Ricci)
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