Source: Bureau of Labor Statistics
Producer price growth remained at a record-high high in October, driven mainly by the growth in prices for final demand goods during the period.
- Wholesale prices rose 8.6% from the past year, unchanged from September and faster than the 8.3% recorded in August.
- The latest is the fastest reading in nearly 11 years since data collection and compares with the 0.6% recorded the same month last year.
- Wholesale prices excluding food, energy, and trade grew by 6.2%, higher than the 5.9% in September and the 0.9% a year ago.
- Over 60% of the growth was driven by the 1.2% increase in prices for final demand goods, which moved up 0.2%. Final demand for construction rose 6.6%.
- Over 80% of the increases in prices for final demand services for the month was due to margins for automobiles and automobiles parts retailing which jumped 8.9%.