Wholesale prices rose 0.3% in October, putting annual rate at 6.5%, the highest in nearly four years
Fuel and other persistent price pressures kept wholesale inflation elevated, with the Producer Price Index rising 0.3% from September and 6.5% over 12 months.
- The Producer Price Index rose 0.3% in October, pushing the annual inflation rate to 6.5%, the Bureau and Labor Statistics reported Friday.
- The Iran war and resulting energy supply shock sent Fuel prices markedly higher in recent months, though growth slowed compared to September's 1.4% rate.
- Wholesale inflation stood at 3.1% a year ago, meaning prices remain well above the Federal Reserve's 2% annual target set by policymakers.
- Stubbornly high prices soured Americans on the economy, fueling significant Democratic gains in midterm elections last week.
- Although the PPI does not translate directly to the Consumer Price Index, its trajectory and category-specific price hikes serve as a potential bellwether for consumer costs ahead.
37 Articles
37 Articles
(New York = Yonhap News) Correspondent Kim Yeon-sook = The US Labor Statistics Bureau said on the 13th that the US producer price index (PPI) rose 6.5% compared to the previous year in October (local time...
US producer prices rose 0.3 percent in October from the previous month, slightly less than analysts' expectations of 0.4 percent. Annual producer inflation accelerated to 6.5 percent from 6.3 percent, while the monthly rate of inflation excluding food, energy and trade was also stronger than expected.
Wholesale inflation declined last month yet remains stubbornly elevate
WASHINGTON (AP) — Wholesale inflation cooled a bit last month yet remains elevated, evidence of stubbornly higher prices that have soured Americans on the economy and fueled big gains for Democrats in the midterm elections last week.
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