Financial News: U.S. Producer Prices Unexpectedly Decline 0.5% In October

U.S. Producer Prices Unexpectedly Decline 0.5% In October

11/15/2023 - 08:35:00 (RTTNews)

(RTTNews) - After yesterday's report showing consumer prices were unchanged, the Labor Department released a separate report on Wednesday showing an unexpected decrease in U.S. producer prices in the month of October.

The Labor Department said its producer price index fell by 0.5 percent in October after rising by a revised 0.4 percent in September.

Producer prices were expected to inch up by 0.1 percent compared to the 0.5 percent increase originally reported for the previous month.

The report also said the annual rate of producer price growth slowed to 1.3 percent in October from 2.2 percent in September. Economists had expected the pace of price growth to slow to 1.9 percent.

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