U.S. producer prices rose 6.5 percent in October from a year earlier, the largest annual increase since November 2022, as goods inflation accelerated despite a decline in energy prices.
\n\nThe Labor Department said Friday that its producer price index for final demand increased a seasonally adjusted 0.3 percent from September, slightly below the 0.4 percent increase economists surveyed by Econoday had forecast. The annual increase was also slightly below the 6.6 percent expected.
\n\nSeptember’s increase was revised up to 1.4 percent from an initially reported 1.3 percent, underscoring the size of the preceding month’s inflation surge. Prices had risen 0.4 percent in August.
\n\nGoods prices increased 0.5 percent in October and were up 10.2 percent from a year earlier, the largest annual advance since October 2022. That marked an acceleration from September’s reported 9.8 percent annual increase.
\n\nThe monthly goods increase came despite a 7.9 percent decline in diesel fuel prices and a 0.1 percent drop in final demand energy prices overall. Gasoline prices rose 0.5 percent, sharply slower than September’s 20.6 percent surge.
\n\nMore than 60 percent of October’s goods increase came from products excluding food and energy. Prices in that category rose 0.5 percent, accelerating from September’s 0.3…
Original source: https://www.breitbart.com/economy/
