Wholesale prices rise above Dow expectations as inflation continues

Wholesale prices rose sharply in September, according to a Wednesday report from the Bureau of Labor Statistics. The Producer Price Index, a measure of the prices of US goods and services, rose 0.4%, beating the 0.2% estimated by the Dow Jones.

Year-over-year, the PPI rose 8.5%, down slightly from August’s 8.7%.

About two-thirds of the increase in the PPI was due to a 0.4% increase in services, the BLS said. A key factor in this increase was a 6.4% increase in travel accommodation prices.

The rising prices came despite the Federal Reserve’s efforts to moderate inflation by raising interest rates in recent months. Inflation has plagued the US and global economy this year, with the cost of living nearing a 40-year high.

The Fed has raised rates five times this year by a total of 3 percentage points and could make another 0.75 percentage point hike when it meets again in early November. As the global economy falters, the Fed faces a challenging task.

“There has been no progress on inflation,” Loretta Mester, Cleveland Fed Chair, said Tuesday.

The PPI figure came a day after the CPI data was released. While the PPI measures wholesale prices, the CPI refers to the prices paid by consumers.

https://www.ibtimes.com.au/wholesale-prices-soar-above-dow-expectations-inflation-lingers-1839474?utm_source=Public&utm_medium=Feed&utm_campaign=Distribution Wholesale prices rise above Dow expectations as inflation continues

Fry Electronics Team

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