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Wholesale prices increased less than expected in October as the Federal Reserve contemplates its next move on interest rates.
The producer price index, which measures the prices domestic producers get for their products before they reach the consumer, rose a seasonally adjusted 0.3% for the month, against the Dow Jones consensus for a 0.4% increase, the Bureau of Labor Statistics reported Friday.
Stripping out food and energy, core PPI posted a 0.3% gain, meeting expectations.
On an annual basis, headline PPI accelerated 6.5%, up 0.2 percentage point for the highest annual rate since November 2022.
The report comes just a few weeks ahead of the Federal Reserve’s next policy meeting Dec. 8-9. Markets are fully pricing in a quarter percentage point increase in the central bank’s key overnight borrowing rate, with slight odds that the Federal Open Market Committee might opt for a half-point hike.
Stock market futures added to gains following the release while Treasury yields were mixed.
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