Following the release of consumer price inflation data that aligned with predictions, the Labor Department issued another report on Thursday. This report indicated that in October, producer prices in the U.S. rose as anticipated by economists.
According to the Labor Department, the producer price index for final demand increased by 0.2 percent in October, following a revised 0.1 percent rise in September. Economists had forecasted a 0.2 percent increase in producer prices, which corroborates the unchanged initial reading reported for the prior month.
Additionally, the report highlighted that the annual growth rate of producer prices accelerated to 2.4 percent in October, up from a revised 1.9 percent in September. The anticipated annual growth rate for producer prices was 2.3 percent, compared to the originally reported 1.8 percent for the preceding month.
