Economic Buzz: US Producer Prices Rise 0.2% In October

16 Nov 2022 , 08:49 AM

Producer prices in the U.S. crept up by much less than expected in the month of October, according to a report released by the Labor Department. Producer price index for final demand inched up by 0.2 percent in October. The report also showed the annual rate of producer price growth slowed to 8.0 percent in October from 8.4 percent in September. The modest monthly increase in producer prices came as a 2.7 percent surge in energy prices contributed to a 0.6 percent advance in prices for goods. Meanwhile, the Labor Department said prices for services fell for the first time since November 2020, edging down by 0.1 percent amid decreases in prices for trade and transportation and warehousing services. The report also said producer prices excluding foods, energy, and trade services crept up by 0.2 percent in October after rising by 0.3 percent in September. The annual rate of growth for prices excluding foods, energy, and trade services slowed to 5.4 percent in October from 5.6 percent in September.Powered by Commodity Insights