The Labor Department reported the U.S. producer-price index (PPI) inched down 0.1 percent m-o-m in January 2019 after a revised 0.1 m-o-m decrease in December 2018 (originally a 0.2 percent m-o-m drop). 

For the 12 months through January, the PPI surged 2.0 percent compared to a 2.5 percent jump recorded in the prior month. 

Economists had forecast the headline PPI would increase 0.1 percent m-o-m last month and 2.1 percent over the past 12 months. 

According to the report, the January decline in the final demand index can be traced to a 0.8-percent decrease in prices for final demand goods. In contrast, the index for final demand services increased 0.3 percent.

Excluding volatile prices for food and energy, the PPI rose 0.3 percent m-o-m and 2.6 percent over 12 months, exceeding economists’ forecasts for gains of 0.2 percent m-o-m and 2.5 percent y-o-y.