Energy price gains drive US producer prices higher
Wholesale inflation in the US rose a bit less quickly than anticipated last month, despite big jumps for energy and food prices.
According to the US Department of Labor, so-called final demand prices rose at a month-on-month pace of 0.5% in September (consensus: 0.6%).
In annual terms, the rate of producer price increases picked up from the 8.3% pace observed in August to 8.6% (consensus: 0.7%).
Energy prices were 2.8% higher on the month, alongside a 2.0% rise in food inflation.
Outside of food and energy, producer prices were 0.6% higher (consensus: 0.5%).
Price gains in services were much more staid, increasing by only 0.2%. Nevertheless, trade prices, which include retailers' margins, did increase by 0.9% on the month.
Offsetting that increase, transportation and warehousing prices dropped by 4.0%.