US producer prices annually increase 2.4% in October, exceeding expectations

By Tuba Ongun

Producer inflation in the US increased 2.4% year-on-year in October, slightly exceeding expectations, according to the Labor Department's Bureau of Labor Statistics data released Thursday.

The rise in the producer price index (PPI), which measures changes in the prices of goods and services from a producer's perspective, accelerated from September's upwardly revised 1.9%.

The market estimated the figure would show an annual gain of 2.3% in October.

On a monthly basis, PPI gained 0.2% in October, in line with market forecast.

The monthly figure for September was revised up to 0.1% from 0% growth.

Core PPI, which excludes volatile food, energy and trade prices, climbed 0.3% on a monthly basis in October, and posted a 3.1% annual rise.