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US PPI Rises to 6.5% in October, Slightly Below Market Forecasts
The annual producer price index rose 6.5% in October, leading markets to price in a 91% probability of a December Fed rate hike.
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The US Producer Price Index rose 0.3% in October, slightly below the Dow Jones consensus estimate of 0.4%. Wholesale inflation reached a four-year high, with the index posting its largest annual gain in four years. The data offered a broader view of supply-chain price pressures as attention shifted from retail sales to producer inflation. The figures supported expectations of another near-term interest rate hike, following next month’s widely expected increase.
The annual producer price index rose 6.5% in October, leading markets to price in a 91% probability of a December Fed rate hike.
Read the full storyThe monthly increase came in below EL7’s 0.4% forecast after goods posted a jump in September, while truck freight accounted for more than 80% of the rise in services.
US wholesale prices grew by 0.3% in October, signaling slightly cooler inflationary pressure than the 0.4% consensus estimate.