Investing.com – Producer price inflation in the U.S. rose more-than-expected in September, official data showed on Tuesday.
In a report, the Bureau of Labor Statistics said that PPI rose by a seasonally adjusted 0.8% in September, significantly higher than expectations for a 0.2% increase and up from a flat reading in August.
Year-over-year, the producer price index rose at an annualized rate of 6.9% in September, after advancing at a rate of 6.5% in August, above expectations for a 6.4% gain.
The more closely followed core producer price index, which excludes food and energy costs, rose 0.2% in September after rising by 0.1% in the preceding month. Analysts had expected core PPI to rise by 0.1%.
Core prices are viewed by the Federal Reserve as a better gauge of longer-term inflationary pressure because they exclude the volatile food and energy categories.
Following the release of the data the U.S. dollar was up against the euro, with EUR/USD shedding 0.34% to trade at 1.3689.
Meanwhile, stock index futures remained mixed following the data. The Dow Jones Industrial Average futures pointed to a loss of 0.3%, S&P 500 futures shed 0.2%, while the Nasdaq 100 futures indicated a gain of 0.2%.
In a report, the Bureau of Labor Statistics said that PPI rose by a seasonally adjusted 0.8% in September, significantly higher than expectations for a 0.2% increase and up from a flat reading in August.
Year-over-year, the producer price index rose at an annualized rate of 6.9% in September, after advancing at a rate of 6.5% in August, above expectations for a 6.4% gain.
The more closely followed core producer price index, which excludes food and energy costs, rose 0.2% in September after rising by 0.1% in the preceding month. Analysts had expected core PPI to rise by 0.1%.
Core prices are viewed by the Federal Reserve as a better gauge of longer-term inflationary pressure because they exclude the volatile food and energy categories.
Following the release of the data the U.S. dollar was up against the euro, with EUR/USD shedding 0.34% to trade at 1.3689.
Meanwhile, stock index futures remained mixed following the data. The Dow Jones Industrial Average futures pointed to a loss of 0.3%, S&P 500 futures shed 0.2%, while the Nasdaq 100 futures indicated a gain of 0.2%.