USA: Higher than expected rise in producer prices | Photo credits: Sipa
WASHINGTON, Oct 12 (Reuters) – U.S. producer prices rose more than expected in September as the cost of both goods and services continued to rise, official statistics showed on Wednesday, suggesting the recovery phase high inflation could continue.
The producer price index (PPI) rose 0.4% from August and 8.5% year on year, the Labor Department said.
Economists polled by Reuters on average expected an increase of 0.2% month on month and 8.4% compared to September 2021, after +8.7% in August.
The month-on-month price decline in August was revised to -0.2% from -0.1% initially announced.
The slowdown in producer price inflation on an annual basis is explained by less tension in supply chains and a decline in commodity prices after the spring peaks.
Excluding the prices of energy, food products and commercial services, the more volatile categories, the PPI index posted an increase of 0.4% over one month (after +0.2% in August) and 5 .6% over one year, an unchanged figure. (Report Lucia Mutikani, French version Marc Angrand)