U.S. producer prices rose further in October with the annual increase reaching its highest level in nearly four years, according to data released Friday by the U.S. Bureau of Labor Statistics.
The latest inflation print adds to evidence that price pressures remain entrenched even as the monthly pace eased from September's surge.
The Producer Price Index (PPI) for final demand rose 0.3 percent in October, seasonally adjusted, after an upwardly revised 1.4-percent surge in September and a 0.4-percent rise in August.
On an unadjusted basis, the index climbed 6.5 percent from a year earlier, up from 6.3 percent in September and the largest 12-month gain since November 2022.
Leading the October advance in final demand prices, the index for final demand goods increased 0.5 percent. Prices for final demand services moved up 0.2 percent.
The index for final demand less foods, energy, and trade services rose 0.5 percent for a second straight month and advanced 4.9 percent for the 12 months ended in October.
Partially offsetting the upward pressure, diesel fuel prices fell 7.9 percent in October, margins for machinery and vehicle wholesaling dropped 4.2 percent, and prices for airline passenger services also declined.
US producer prices post highest annual rate in 4 years
