U.S. Producer Prices Rise Slightly Less Than Expected In October
(RTTNews) - A report released by the Labor Department on Friday showed producer prices in the U.S. increased by slightly less than expected in the month of October.
The Labor Department said its producer price index for final demand rose by 0.3 percent in October after surging by an upwardly revised 1.4 percent in September.
Economists had expected producer prices to climb by 0.4 percent compared to the 1.3 percent jump originally reported for the previous month.
The report also said the annual rate of producer price growth accelerated to 6.5 percent in October from 6.3 percent.
Producer prices grew at the fastest annual rate since soaring by 7.4 percent in November 2022, although the pace of growth came in slightly below the 6.6 percent spike economists had expected.
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