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Producer Price Index Up 0.6% in October

The Producer Price Index for final demand increased 0.6 percent in October, the largest jump in six years, according to the U.S. Bureau of Labor Statistics. Final demand prices advanced 0.2 percent in September and declined 0.1 percent in August. On an unadjusted basis, the final demand index increased 2.9 percent for the 12 months ended in October.

In October, over 60 percent of the rise in final demand prices can be traced to a 0.7-percent advance in the index for final demand services. Prices for final demand goods moved up 0.6 percent.

The index for final demand less foods, energy, and trade services rose 0.2 percent in October after climbing 0.4 percent in September. For the 12 months ended in October, prices for final demand less foods, energy, and trade services advanced 2.8 percent.

The index for final demand services increased 0.7 percent in October, the largest advance since climbing 0.8 percent in January 2016. Nearly three-fourths of the broad-based October rise can be traced to margins for final demand trade services, which moved up 1.6 percent. Prices for final demand services less trade, transportation, and warehousing and for final demand transportation and warehousing services increased 0.2 percent and 0.6 percent, respectively. 

About one-fifth of the October advance in prices for final demand services is attributable to a 1.2-percent rise in margins for machinery, equipment, parts, and supplies wholesaling. The indexes for food and alcohol retailing; health, beauty, and optical goods retailing; inpatient care; apparel, jewelry, footwear, and accessories retailing; and traveler accommodation services also moved higher. In contrast, prices for loan services (partial) fell 0.5 percent. The indexes for hospital outpatient care and furniture retailing also declined. 

The index for final demand goods climbed 0.6 percent in October, the largest rise since advancing 0.9 percent in May. Nearly three-fourths of the October increase can be traced to prices for final demand energy, which moved up 2.7 percent. The index for final demand foods rose 1 percent. Prices for final demand goods less foods and energy were unchanged.

 

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