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US wholesale prices jump 0.6 percent, most in 6 years

US wholesale prices rose 0.6 percent in October, biggest gain in 6 years

Reported by: AP [ Published on: November 09, 2018 19:30 IST ]
Image Source : AP US wholesale prices jump 0.6 percent, most in 6 years

WASHINGTON (AP) — U.S. wholesale prices rose by the most in six years last month, led higher by more expensive gas, food, and chemicals.

The Labor Department says the producer price index — which measures price increases before they reach the consumer — leapt 0.6 percent in October, after a smaller 0.2 percent rise in September. Producer prices increased 2.9 percent from a year earlier.

Excluding the volatile food and energy categories, core wholesale prices rose 0.5 percent in October and 2.6 percent from a year earlier.

Despite last month's increase, the figures suggest inflation pressures are mostly in check. During the summer, producer prices rose more than 3 percent from a year earlier. And oil prices declined in October and are likely to lower gas costs in the coming months.

Disclaimer: This is unedited, unformatted feed from the Associated Press (AP) wire.

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