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The Labor Department reported on Friday that wholesale prices remained unchanged in September, indicating a continued easing in Inflation. The producer price index, which measures what producers receive for their goods and services, stayed flat for the month and was up 1.8% from a year ago. Economists had anticipated a 0.1% increase for the month after August’s 0.2% rise. Excluding food and energy, the PPI increased by 0.2%, in line with expectations.
The latest data comes after the Labor Department’s report on the consumer price index, which showed a 0.2% uptick for the month and a 2.4% increase from a year ago. Despite the relatively stable producer prices, Inflation continues to hover above the Federal Reserve’s 2% target.
The PPI report revealed a 0.2% drop in final demand goods prices, offset by a 0.2% increase in services. Excluding trade services, the core PPI rose by 0.1%. Deposit services costs surged by 3%, contributing to the overall increase in the services index, while prices for professional and commercial equipment wholesaling plummeted by 6.3%.
On the goods side, a 2.7% decrease in final demand for energy was the primary factor in the downward trend. Gasoline prices fell by 5.6%, dragging down gains in the goods index, while diesel fuel prices saw a significant drop of 17.6%.
Stock market futures on Wall Street showed a slight increase, and Treasury yields rose for longer-duration securities in response to the data. The reports suggest that Inflation has slowed down from its peak more than two years ago, but it still remains elevated above the Federal Reserve’s target of 2%.
Please check back for any updates on this developing news story.
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SOURCE
Lucas Bennett, completed his Finance degree at Bocconi University in Italy in 2018. He is highly skilled in corporate finance and risk management, beginning his career at a hedge fund in Milan. Lucas expertise extends to consulting for leading European firms, particularly within the energy markets sector. His analytical skills and strategic mindset have made him a sought-after consultant, and he continues to explore new opportunities within the financial services industry across Europe.