Financial News: U.S. Producer Prices Increase In Line With Estimates

U.S. Producer Prices Increase In Line With Estimates In October

11/14/2024 - 08:40:00 (RTTNews)

(RTTNews) - After yesterday's consumer price inflation data matched expectations, the Labor Department released a separate report on Thursday showing producer prices in the U.S. also increased in line with economist estimates in the month of October.

The Labor Department said its producer price index for final demand rose by 0.2 percent in October following a revised 0.1 percent uptick in September.

Economists had expected producer prices to rise by 0.2 percent compared to the unchanged reading originally reported for the previous month.

Meanwhile, the report said the annual rate of growth by producer prices accelerated to 2.4 percent in October from an upwardly revised 1.9 percent in September.

The annual rate of producer price growth was expected to accelerate to 2.3 percent from the 1.8 percent originally reported for the previous month.

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