Producer prices rose 0.3% in October and 6.5% over 12 months

The Producer Price Index for final demand rose 0.3 percent in October, seasonally adjusted, the U.S. Bureau of Labor Statistics said today.

Final demand prices advanced 1.4 percent in September and 0.4 percent in August. On an unadjusted basis, the index for final demand increased 6.5 percent for the 12 months ended in October. The agency said this was the largest 12-month rise since the index moved up 7.4 percent in November 2022.

In October, final demand less foods, energy, and trade rose 0.5 percent, and final demand services rose 0.2 percent. Final demand goods rose 0.5 percent, with foods up 1.3 percent and energy down 0.1 percent.

Intermediate demand for goods processed for intermediate use was unchanged in the sense the agency reported a 0.4 percent gain in October, while the 12-month change for processed goods was 14.6 percent. Services for intermediate demand rose 0.6 percent in October and 6.8 percent over 12 months.

The agency noted that data for June through September have been revised to reflect late reports and corrections by respondents.