U.S. Producer-Price Inflation Tops September Forecast at 6.3%

September’s U.S. producer price index rose 6.3% from a year earlier, exceeding the 5.3% market forecast and renewing focus on inflation and Federal Reserve policy. Producer prices also rose 1.3% from August, compared with a 0.5% monthly forecast. The rise exceeded expectations by 0.8 percentage point; the annual figure was 1 percentage point above its forecast. U.S. retail sales increased 0.8% month over month in September, also beating expectations. Rising energy costs contributed to the broad increase in producer prices, with price pressure spreading across the U.S. economy. The combination of stronger-than-expected producer prices and retail sales puts inflation and the interest-rate outlook back in focus. The figures may keep further rate increases under consideration in coming months, although they do not establish what the Federal Reserve will do next.

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