US October Producer Prices Showed the Biggest Gain in Six Years
Producer prices in the US rose more than expected in October and marked the fastest pace in six years. The US Labor Department reported, that producer price index (PPI) increased by 0.6% mom and 2.9% yoy last month. Economists had expected the PPI to increase by 0.2% mom and 2.5% from a year ago in October.
Meanwhile, the core PPI, a key gauge of underlying producer price pressures that excludes food and energy cost, increased by 0.5% from a month earlier and rose 2.6% in the 12 months through October. Prices showed the biggest gain since September 2012, with much of the increase fueled by a jump in costs for energy and trade services.