While still historically high, it was the smallest increase since July of last year and significantly better than forecasts. It’s the second inflation report this month to show signs of cooling in the rising prices that have plagued the economy. Economists expected the Producer Price Index, which measures prices paid for goods and services before they reach consumers, to show an annual increase of 8.3%, down from September’s revised 8.4%. On a monthly basis, producer prices rose 0.
The better-than-expected PPI data reflects an economy that has slowed, with supply moving more into balance, said Jeffrey Roach, chief economist for LPL Financial. Costs associated with transportation and warehousing, for example, declined for the fourth consecutive month, a likely result of the improved global shipping climate, he said. Producer costs for new cars fell the most since May 2017, he added.
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Latest inflation report shows wholesale prices rose at a slower pace last month | CNN BusinessA key measure of inflation, wholesale prices, rose by 8% in October from a year before, according to the latest report from the Bureau of Labor Statistics. At this point, wholesale prices could probably stop rising altogether and folks would still barely see a hesitation in the continual rise of prices on store shelves. Democracy is the theory that the common people know what they want and deserve to get it, good and hard. - H L Mencken It's not the pace. It's the direction. Built in stagflation like forever. Ruinous. Kill it or play w it.
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