A key measure of inflation increased faster than expected in September, raising concerns that the Federal Reserve's aggressive rate hikes are having limited impact in bringing inflation under control.
A key measure of inflation increased faster than expected in September, raising concerns that the Federal Reserve’s aggressive rate hikes are having limited impact in bringing inflation under control. The US Producer Price Index, which tracks what America’s producers get paid for their goods and services, rose at an annual pace of 8.5% in September, down slightly from the 8.7% rise in August, the Labor Department reported Wednesday. But the report showed prices rose 0.4% month-over-month.
Stripping out volatile food and energy prices, the report showed that the prices of other goods were unchanged in September — but the price of services rose 0.4% for the month, ranging from travel to the cost of oil drilling to portfolio management to in-patient hospitalizations. Core PPI, which excludes food and energy from overall producer prices, registered a 0.3% month-over-month increase and a 7.2% rise over the course of the last 12 months.
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