US Producer Prices Rise 1.3% in September

US Producer Prices Rise 1.3% in September

Producer prices in the United States rose 1.3% in September compared to the previous month, according to data released by the Bureau of Labor Statistics on Thursday. The annual Producer Price Index (PPI) increased by 6.3%, marking the largest 12-month rise since December 2022. Both figures came in significantly above expectations.

Goods prices surged 2.6% month-on-month, the largest increase since the index was first calculated in December 2009, driven mainly by a 20.3% jump in gasoline prices. Services prices rose 0.8%, while producer prices excluding food, energy, and trade services increased by 0.5% monthly and 5% annually.