U.S. Producer Prices Climb 0.4% In October, More Than Expected
(RTTNews) - Producer prices in the U.S. increased by more than expected in the month of October, according to a report released by the Labor Department on Tuesday.
The Labor Department said its producer price index for final demand climbed by 0.4 percent in October, matching the increase seen in September. Economists had expected prices to inch up by 0.1 percent.
The bigger than expected increase by the headline index was partly due to a 0.5 percent advance by the index for final demand services.
Prices for final demand trade services jumped by 1.1 percent, while the index for final demand transportation and warehousing services climbed by 0.8 percent and prices for final demand services less trade, transportation, and warehousing edged up by 0.1 percent.
Excluding food and energy prices, core producer prices also rose by 0.4 percent in October after a matching increase in the previous month. Core prices had been expected to rise by 0.2 percent.
Compared to the same month a year ago, producer prices were up by 2.8 percent in October and core producer prices were up by 2.4 percent.
On Wednesday, the Labor Department is scheduled to release a separate report on consumer prices in the month of October.
Consumer prices are expected to inch up by 0.1 percent in October after climbing by 0.5 percent in September. Core prices are expected to edge up by 0.2 percent.