The producer price index (PPI)—a gauge of prices paid by businesses for goods and services at the wholesale level in the United States—rose to a three-month high in October, revealing persistent price pressures in pockets of the U.S. economy.
According to the Bureau of Labor Statistics (BLS), the PPI increased to 2.4 percent year over year, up from 1.9 percent in September. Markets estimated a reading of 2.3 percent.
Producer prices rose by 0.2 percent monthly, up from 0.1 percent in September. This was in line with economists’ expectations.
The higher-than-expected print was driven by the 0.3 percent increase in prices for final demand services, while prices for final demand goods edged up to 0.1 percent….