November 15 (Reuters) – Producer price growth (PPI) in the United States slowed year-on-year in October, at a faster pace than expected, show statistics released on Wednesday by the Labor Department.
The latter announced that the PPI had decelerated last month to 1.3% on an annual basis after a gain of 2.2% in September. Over one month, prices even contracted by 0.5%, after an increase of 0.5% the previous month.
Economists polled by Reuters forecast an increase of 0.1% monthly and 1.9% annually on average.
The producer price index excluding energy, food and commercial services, however, showed an increase of 0.1% in October and 2.9% over 12 months. (Writing by Claude Chendjou, edited by Kate Entringer)
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