U.S. Producer Prices Rise 0.3% in October, Up 6.5% From a Year Earlier in Largest Gain Since November 2022
The U.S. Bureau of Labor Statistics reported on November 13 that the Producer Price Index for final demand rose 0.3 percent in October on a seasonally adjusted basis, after advancing 1.4 percent in September and 0.4 percent in August. Prices for final demand increased 6.5 percent for the 12 months ended in October, the largest 12-month rise since moving up 7.4 percent in November 2022.
Prices for final demand goods increased 0.5 percent in October, following a 2.5 percent rise in September, and advanced 10.2 percent over 12 months, the largest 12-month rise since October 2022. The index for final demand services moved up 0.2 percent in October, its fifth consecutive advance, and rose 5.0 percent over 12 months. Prices for final demand construction advanced 1.8 percent in October.
Prices for final demand foods rose 1.3 percent in October, while the index for final demand energy edged down 0.1 percent, though energy prices were still up 37.0 percent over 12 months. Prices for final demand goods less foods and energy increased 0.5 percent, accounting for over 60 percent of the advance in goods prices; basic organic chemicals rose 3.9 percent, while diesel fuel fell 7.9 percent. Final demand less foods, energy, and trade services rose 0.5 percent in October, the same as in September, and 4.9 percent over 12 months.
Within services, prices for transportation and warehousing rose 2.0 percent and accounted for three-fourths of the October advance, with truck transportation of freight up 3.9 percent. Prices for trade services fell 0.2 percent, as margins for machinery and vehicle wholesaling declined 4.2 percent.
For intermediate demand, prices for processed goods rose 0.4 percent in October, the third consecutive rise, and 14.6 percent over 12 months. Prices for unprocessed goods fell 3.1 percent, the largest decline since June, as crude petroleum dropped 10.3 percent. Prices for services for intermediate demand rose 0.6 percent in October and 6.8 percent over 12 months.
The Bureau of Labor Statistics said the Producer Price Index for November is scheduled for release on Tuesday, December 15, at 8:30 a.m. Eastern time.
(Source: U.S. Bureau of Labor Statistics)
Source: U.S. Bureau of Labor Statistics
Published by GSM · USA (original Chinese edition)
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