Wholesale inflation heated up again last month, reversing recent progress
CNN
US wholesale inflation picked up more than expected in October, indicating that some price pressures persist at the producer level.
US wholesale inflation picked up more than expected in October, indicating that some price pressures persist at the producer level. The Producer Price Index, a measurement of average price changes seen by producers and manufacturers, rose 0.2% on a monthly basis and 2.4% for the 12 months ended in October, marking an acceleration from September, when prices ticked up 0.1% for the month and grew 1.9% annually, according to Bureau of Labor Statistics data released Thursday. Economists were expecting prices to increase, in large part due to comparisons to this time last year (base effects), when wholesale inflation slowed sharply and even registered outright price declines. Additionally, the overall index wasn’t benefited as much by falling energy prices, which dropped off by just 0.3% in October versus 2.8% in September. Still, one potential favorable sign for inflation-weary consumers: Wholesale food prices dropped 0.2% for the month. In September, they shot up by 1%, the largest monthly gain since February. FactSet consensus forecasts called for a 0.2% monthly gain and for the annual rate to heat up to 2.3%.
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