The U.S. Bureau of Labor Statistics reported on Thursday that wholesale prices rose slightly in October, but were largely in line with expectations and consistent with the Federal Reserve cutting interest rates again in December.
The Producer Price Index, which measures earnings for producers’ products, rose 0.2% for the month, up a tenth of a percentage point from September but in line with the Dow Jones consensus forecast. On a 12-month basis, the overall wholesale inflation rate was 2.4%.
Excluding food and energy, core PPI rose 0.3%, also one-tenth higher than in September and in line with expectations. The 12-month interest rate is 3.1%.
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