KONTAN.CO.ID - WASHINGTON. U.S. producer prices fell by the most in three-and-a-half years in October amid a sharp drop in the cost of gasoline, the latest indication of subsiding inflation pressures. The producer price index for final demand declined 0.5% last month, the largest decrease since April 2020, the Labor Department's Bureau of Labor Statistics said on Wednesday. Data for September was revised lower to show the PPI increasing 0.4% instead of 0.5% as previously reported. Economists polled by Reuters had forecast the PPI edging up 0.1%. In the 12 months through October, the PPI increased 1.3% after rising 2.2% in September. The report followed data on Tuesday showing consumer prices unchanged in October.
US Producer Prices Unexpectedly Fall in October
KONTAN.CO.ID - WASHINGTON. U.S. producer prices fell by the most in three-and-a-half years in October amid a sharp drop in the cost of gasoline, the latest indication of subsiding inflation pressures. The producer price index for final demand declined 0.5% last month, the largest decrease since April 2020, the Labor Department's Bureau of Labor Statistics said on Wednesday. Data for September was revised lower to show the PPI increasing 0.4% instead of 0.5% as previously reported. Economists polled by Reuters had forecast the PPI edging up 0.1%. In the 12 months through October, the PPI increased 1.3% after rising 2.2% in September. The report followed data on Tuesday showing consumer prices unchanged in October.