THE BARE STORY
U.S. producer prices increased 0.3% in October from the prior month, while the annual rate reached 6.5%, according to Bureau of Labor Statistics data. The 12-month increase was the largest since November 2022. The monthly result was below economists’ forecast of 0.4%.
Core producer prices excluding food and energy rose 0.3% during the month. A separate measure excluding food, energy and trade services increased 0.5%.
Chicago Federal Reserve President Austan Goolsbee said inflation has remained above the central bank’s 2% target for nearly six years and that price pressures have become more broad-based. He said the Federal Reserve has work to do to restore credibility and is not currently on a path back to its inflation target.
Financial markets continued to price in an interest-rate increase at the Federal Reserve’s December policy meeting, with a quarter-point increase seen as the most likely outcome. Goolsbee did not say whether he supported a larger increase, saying policy decisions would depend on the inflation outlook.
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