Producer prices in the U.S. increased by slightly more than anticipated in the month of October, according to a report released by the Labor Department on Friday.
The Labor Department said its producer price index for final demand rose by 0.3 percent in October after climbing by 0.4 percent in September. Economists had expected prices to inch up by 0.2 percent.
The bigger than expected increase in producer prices was partly due to a jump in food prices, which surged up by 2.4 percent in October amid a spike in prices for fresh and dry vegetables.
Excluding food and energy prices, core producer prices crept up by 0.1 percent in October after rising by 0.4 percent in September. Core prices were expected to edge up by 0.2 percent.
The material has been provided by InstaForex Company – www.instaforex.com
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