Producer inflation in US remains unchanged last month, yearly increases by 1.8 percent
Date
10/13/2024 4:37:20 AM
(MENAFN) Producer inflation in the United States remained steady in September, as indicated by the latest data released on Friday. The producer price index (PPI), which gauges the changes in prices for goods and services from the producer's viewpoint, did not show any monthly increase for September, contrary to expectations of a 0.1 percent rise. This follows a recorded 0.2 percent increase in the PPI for August, highlighting a period of stabilization in producer prices.
On an annual basis, the PPI rose by 1.8 percent in September, surpassing market expectations of a 1.6 percent increase. Notably, the annual figure for August was revised upwards, from an initial gain of 1.7 percent to a more robust increase of 1.9 percent. These revisions indicate a stronger underlying trend in producer prices than previously understood.
The Labor Department's statement provided insights into the components driving these changes. It noted that within the final demand categories for September, a 0.2 percent increase in the index for final demand services effectively countered a 0.2 percent decline in prices for final demand goods. Additionally, the index for final demand less food, energy, and trade services saw a slight increase of 0.1 percent in September, following a rise of 0.2 percent in August.
Examining the core PPI, which excludes the more volatile categories of food, energy, and trade prices, a monthly increase of 0.1 percent was also recorded in September. On a year-over-year basis, the core PPI reflected a 3.2 percent increase, indicating ongoing pressures on prices within the broader economy despite the more stable overall producer inflation figures.
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