US Producer Prices Post Their Fastest Annual Rise Since 2022
Producer prices rose 6.3% from a year earlier as energy costs surged and traders reassessed the outlook for Federal Reserve rates.
Key takeaways
- US producer prices rose 1.3% in September and 6.3% over the year.
- Energy prices increased 10.8% in September.
US producer prices rose 1.3% in September from the previous month and 6.3% from a year earlier, Bureau of Labor Statistics data showed. Both increases exceeded economists’ expectations.
The annual gain was the largest since December 2022, while the monthly increase was the strongest since March 2022. Energy prices climbed 10.8% during the month, according to Bloomberg HT and Ekonomim.
Excluding food and energy, producer prices rose 0.7% monthly and 5% annually. CNBC reported that futures traders priced in nearly a 34% chance of a Federal Reserve rate hike on Oct. 28, up from less than 18% a week earlier.
This article was produced with the help of AI technology. Based on reporting by the outlets listed above.
