U.S. Producer Inflation Reaches 6.3% in September, Highest Since May

U.S. producer prices rose 6.3% from a year earlier in September, the highest annual rate since May, as the monthly increase also far exceeded market expectations. The annual measure compares September's producer prices with their level one year earlier, while the monthly rate captures the change from August. At 6.3%, the yearly producer price index (PPI) rate was 1 percentage point above the 5.3% forecast. The 1.3% monthly reading was 0.8 percentage point above the 0.5% estimate. Retail sales increased 0.8% month over month in September, also above market expectations. Across the three reported indicators, annual and monthly producer prices each beat forecasts, and sales exceeded expectations as well. Together, the figures give markets an update on both price changes among producers and retail spending in September.

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