U.S. Producer Inflation Reaches Highest Annual Rate Since 2022

The U.S. producer price index (PPI) rose 6.5% in October from a year earlier, reaching its highest annual rate since November 2022. The figure was 0.1 percentage point below the 6.6% market expectation. That put the annual reading just under forecasts even as it reached its strongest level in nearly four years. On a monthly basis, the PPI increased 0.3%, compared with the 0.4% expected. That was also a 0.1 percentage point miss. Both October measures came in below expectations by the same margin, with the annual rate marking a nearly four-year high and the monthly increase falling short of its forecast. The two readings describe different time comparisons: the annual figure was 6.5%, while the monthly figure was 0.3%. Their respective forecasts were 6.6% and 0.4%.

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