The producer price index was expected to show a 0.1% increase in September, according to the Dow Jones consensus.
A measure of wholesale prices showed no change in September, pointing to a continued easing in inflation, the Labor Department reported Friday., which measures what producers get for their goods and services, was flat for the month and up 1.8% from a year ago. Economists surveyed by Dow Jones had been looking for a monthly gain of 0.1% after August's increase of 0.2%.
Together, the releases indicate that inflation is off its blistering pace that peaked more than two years ago but still mostly holds above the Federal Reserve's 2% target. Within the PPI, a 0.2% decline in final demand goods prices offset a 0.2% increase in services. Excluding trade services from core PPI, the index increased 0.1%.A 3% jump in deposit services costs pushed the services index higher, while professional and commercial equipment wholesaling prices tumbled 6.3%.
On the goods side, a 2.7% slide in final demand in energy was the main factor in the decrease. Similarly, the index for gasoline fell 5.6%, holding back gains on the goods index. Diesel fuel prices plunged 17.6%.Inflation rate hit 2.4% in September, topping expectations; jobless claims highest since August 2023
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