U.S. producer prices post fastest rise since 2022

The U.S. producer price index (PPI) in September beat market expectations, with both month-on-month and year-on-year gains hitting their highest levels since 2022, according to data released Thursday by the U.S. Labor Department's Bureau of Labor Statistics.

The PPI rose 1.3 percent in September, up from 0.5 percent in August -- the fastest pace since March 2022. Meanwhile, the index's year-on-year gain climbed to 6.3 percent from 5.6 percent in August, marking the biggest rise since December 2022.

The goods price index rose 2.6 percent month on month, with energy prices contributing more than 80 percent of the increase, while the service price index climbed 0.8 percent -- its biggest increase since April this year.

The core PPI, which excludes volatile food and energy prices, rose 0.7 percent month on month and 5 percent year on year in September, compared with 0.2 percent and 4.6 percent respectively in August.

Data released by the U.S. Labor Department on Wednesday showed that the U.S. consumer price index (CPI) posted higher month-on-month and year-on-year growth in September due to high energy prices.

U.S. CPI grew 0.6 percent month on month and 3.7 percent year on year in September, up from 0.4 percent and 3.4 percent in August, respectively.

Iron ore futures finished higher Friday in daytime trading on the Dalian Commodity Exchange (DCE).

The most active iron ore contract for January 2027 delivery rose 0.07 percent to close at 672.50 yuan (about 100.54 U.S. dollars) per tonne.

Iron ore futures were launched on the Dalian Commodity Exchange in October 2013 and have since become the world's most actively traded iron ore derivatives contract.

As the world's largest importer of iron ore, China opened the contract to international investors in May 2018, further enhancing its role as a key price benchmark for the global seaborne iron ore market.