US: Annual core PPI in January jumped to 1.7% vs. 1.3% expected

• Annual core PPI in January rose to 1.7% from 1.1%.
• US Dollar Index clings to gains above 99.50 after data.

The Producer Price Index (PPI) for final demand in January rose 0.5% on a monthly basis following December's 0.1%, the data published by the US Bureau of Labor Statistics showed on Wednesday. On a yearly basis, the PPI for final demand jumped to 2.1% from 1.3% and both of these reading came in higher than market expectations.

Moreover, the core PPI, which includes food and energy prices, increased to 1.7% on a yearly basis to beat the analysts' estimate of 1.3%.

USD reaction

The US Dollar Index edged higher in the early American session and was last seen at 99.55, where it was up 0.1% on a daily basis.