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Financial News: U.S. Producer Prices Inch Up Much Less Than

U.S. Producer Prices Inch Up Much Less Than Expected In October

11/15/2022 - 08:37:00 (RTTNews)

(RTTNews) - 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 on Tuesday.

The Labor Department said its producer price index for final demand inched up by 0.2 percent in October, matching a revised uptick in September.

Economists expected producer prices to climb by 0.5 percent compared to the 0.4 percent increase originally reported for the previous month.

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 year-over-year growth was expected to edge down to 8.3 percent.

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