US wholesale prices rose slightly in October, according to government data published Thursday, as an increase in services inflation pushed up the overall figure.
The producer price index (PPI) climbed by 0.2 per cent last month, according to new and revised figures from the Labour Department, up from a revised rise of 0.1 per cent in September. 聽
The October figure was in line with the market consensus, according to Briefing.com.
Over the past 12 months, wholesale prices have risen by 2.4 per cent, up sharply from a revised figure of 1.9 per cent for September.
The data could feed into the rate of change of consumer prices, which the Federal Reserve closely tracks when setting the level of its interest rates.聽
The US central bank has a dual mandate to maintain stable prices and maximum sustainable employment, and has refocused its attention on the second of these goals in recent months, cutting its key lending rate in back-to-back meetings.聽
Most of the increase in October鈥檚 producer prices came from a 0.3 per cent rise in the services index, the Labour Department said. Prices for final demand goods inched up 0.1 per cent.
Stripping out more volatile food, energy, and trade services costs, the PPI index rose by 0.3 per cent last month, and by 3.5 per cent from a year earlier.聽