• Home
  • Politics
  • Health
  • World
  • Business
  • Finance
  • Tech
  • More
    • Sports
    • Entertainment
    • Lifestyle
What's Hot

EXCLUSIVE: ‘The Man She Is Today’: European Companies Accused Of ‘Importing’ Woke Ideology

May 29, 2025

‘The Economy Is On Fire!’: Kevin O’Leary Drops Fact Check On CNN Panelists Railing Against Trump’s Economy

May 29, 2025

DeSantis Signs Bill Making Gold And Silver Legal Tender

May 28, 2025
Facebook Twitter Instagram
  • Contact
  • Privacy Policy
  • Terms & Conditions
Saturday, May 31
Patriot Now NewsPatriot Now News
  • Home
  • Politics

    Security video shows brazen sexual assault of California woman by homeless man

    October 24, 2023

    Woman makes disturbing discovery after her boyfriend chases away home intruder who stabbed him

    October 24, 2023

    Poll finds Americans overwhelmingly support Israel’s war on Hamas, but younger Americans defend Hamas

    October 24, 2023

    Off-duty pilot charged with 83 counts of attempted murder after allegedly trying to shut off engines midflight on Alaska Airlines

    October 23, 2023

    Leaked audio of Shelia Jackson Lee abusively cursing staffer

    October 22, 2023
  • Health

    Disparities In Cataract Care Are A Sorry Sight

    October 16, 2023

    Vaccine Stocks—Including Pfizer, Moderna, BioNTech And Novavax—Slide Amid Plummeting Demand

    October 16, 2023

    Long-term steroid use should be a last resort

    October 16, 2023

    Rite Aid Files For Bankruptcy With More ‘Underperforming Stores’ To Close

    October 16, 2023

    Who’s Still Dying From Complications Related To Covid-19?

    October 16, 2023
  • World

    New York Democrat Dan Goldman Accuses ‘Conservatives in the South’ of Holding Rallies with ‘Swastikas’

    October 13, 2023

    IDF Ret. Major General Describes Rushing to Save Son, Granddaughter During Hamas Invasion

    October 13, 2023

    Black Lives Matter Group Deletes Tweet Showing Support for Hamas 

    October 13, 2023

    AOC Denounces NYC Rally Cheering Hamas Terrorism: ‘Unacceptable’

    October 13, 2023

    L.A. Prosecutors Call Out Soros-Backed Gascón for Silence on Israel

    October 13, 2023
  • Business

    EXCLUSIVE: ‘The Man She Is Today’: European Companies Accused Of ‘Importing’ Woke Ideology

    May 29, 2025

    ‘The Economy Is On Fire!’: Kevin O’Leary Drops Fact Check On CNN Panelists Railing Against Trump’s Economy

    May 29, 2025

    DeSantis Signs Bill Making Gold And Silver Legal Tender

    May 28, 2025

    John Deere Announces $20 Billion Plan To Build Up American Manufacturing

    May 28, 2025

    EV Startup Promised To Cut China Ties — Then Reportedly Shared US Data Anyway

    May 27, 2025
  • Finance

    Ending China’s De Minimis Exception Brings 3 Benefits for Americans

    April 17, 2025

    The Trump Tariff Shock Should Push Indonesia to Reform Its Economy

    April 17, 2025

    Tariff Talks an Opportunity to Reinvigorate the Japan-US Alliance

    April 17, 2025

    How China’s Companies Are Responding to the US Trade War

    April 16, 2025

    The US Flip-flop Over H20 Chip Restrictions 

    April 16, 2025
  • Tech

    Cruz Confronts Zuckerberg on Pointless Warning for Child Porn Searches

    February 2, 2024

    FTX Abandons Plans to Relaunch Crypto Exchange, Commits to Full Repayment of Customers and Creditors

    February 2, 2024

    Elon Musk Proposes Tesla Reincorporates in Texas After Delaware Judge Voids Pay Package

    February 2, 2024

    Tesla’s Elon Musk Tops Disney’s Bob Iger as Most Overrated Chief Executive

    February 2, 2024

    Mark Zuckerberg’s Wealth Grew $84 Billion in 2023 as Pedophiles Target Children on Facebook, Instagram

    February 2, 2024
  • More
    • Sports
    • Entertainment
    • Lifestyle
Patriot Now NewsPatriot Now News
Home»Business»Gasoline, food drive US producer prices higher; core inflation cools
Business

Gasoline, food drive US producer prices higher; core inflation cools

October 11, 2023No Comments5 Mins Read
Facebook Twitter Pinterest LinkedIn Tumblr Email
Share
Facebook Twitter LinkedIn Pinterest Email
  • Producer prices increase 0.5% in September
  • Gasoline, food costs push producer prices up
  • PPI excluding food, energy and trade rises 0.2%
  • Year-on-year PPI increases 2.2%; core PPI up 2.8%

WASHINGTON, Oct 11 (Reuters) – U.S. producer prices increased more than expected in September amid higher costs for energy products and food, but underlying inflation pressures at the factory gate continued to abate.

The mixed report from the Labor Department on Wednesday was published ahead of the release on Thursday of September’s consumer price index data, which is expected to show inflation moderated last month. The report is being closely watched for clues on whether the Federal Reserve will raise interest rates against the backdrop of higher U.S. Treasury yields and conflict in the Middle East.

“The Fed has not finished the job and stamped inflation out completely yet, and if anything, policymakers have their work cut out for them as much of the inflation we see in producer prices is coming from food and energy prices that monetary policy has less effect on,” said Christopher Rupkey, chief economist at FWDBONDS in New York.

The producer price index for final demand rose 0.5% last month after accelerating by an unrevised 0.7% in August.

Economists polled by Reuters had expected the PPI would gain 0.3%. In the 12 months through September, the PPI increased 2.2% after advancing 2.0% in August.

Reuters Graphics

The narrower measure of PPI, which strips out food, energy and trade services components, gained 0.2% after rising by the same margin in August. The so-called core PPI increased 2.8% on a year-on-year basis in September after climbing 2.9% in August.

See also  Exclusive: Baidu placed AI chip order from Huawei in shift away from Nvidia

Wholesale goods prices increased 0.9%, with a 3.3% rise in the cost of energy products accounting for nearly three-quarters of the increase. Goods prices jumped 2.0% in August.

Gasoline prices rose 5.4%, making up more than 40% of the increase in the cost of goods. There were also increases in the prices of jet fuel, electric power and diesel fuel. Food prices rebounded 0.9%, with processed young chicken and meat costing more. But prices for fresh and dry vegetables declined 13.9%. Wood pulp and utility natural gas prices also decreased.

Excluding the volatile food and energy components, core goods prices edged up 0.1% for the second straight month. This mostly reflected the normalization of supply chains, whose disruption fueled goods inflation in the aftermath of the COVID-19 pandemic.

Though core inflation is cooling, higher gasoline and food prices could hamper progress by raising the cost of other goods as well as causing consumers to expect inflation to rise.

“From the Fed’s perspective, cooler goods prices are a necessary, but not sufficient, condition in restoring price stability right now,” said Will Compernolle, macro strategist at FHN Financial in New York. “The most concerning consumer inflation is in core services, which has a weaker connection with the PPI, and rising energy prices pose an upside inflation risk via pass-through effects and inflation expectations.”

Stocks on Wall Street were mixed. The dollar slipped against a basket of currencies. U.S. Treasury prices rose, with the yield on the benchmark 10-year note pulling back further from 16-year highs following recent dovish remarks from Fed officials and the violence in the Middle East.

See also  ‘Exactly What We Want To See’: US Job Growth Beat Expectations For Second Month In A Row
Reuters Graphics

SERVICES RISE MODERATELY

Financial markets overwhelmingly anticipate the U.S. central bank will leave rates unchanged at its Oct. 31-Nov. 1 policy meeting, according to CME Group’s FedWatch Tool

Top ranking Fed officials indicated on Monday that soaring yields on long-term U.S. government bonds could steer the central bank away from further rate hikes. Since March 2022, the Fed has raised its benchmark overnight interest rate by 525 basis points to the current 5.25%-5.50% range.

“This is an important shift, but one perhaps markets are misinterpreting,” said Alex McGrath, chief investment officer at NorthEnd Private Wealth in Greenville, South Carolina. “The problem, however, is if bonds rally aggressively from here, does this put a rate hike back firmly on the table?”

The economy continues to forge ahead despite the hefty rate hikes, having created 336,000 jobs in September, the most in eight months and almost double the amount economists had expected in a Reuters survey.

The cost of services increased 0.3% last month, boosted by a 13.9% surge in deposit services, after rising 0.2% in August. Prices for services less trade, transportation, and warehousing increased 0.3%. Trade services, which measure changes in margins received by wholesalers and retailers, climbed 0.5%. But the cost of transportation and warehousing services fell 0.4%.

Hotel and motel accommodation prices rebounded 2.0%. Healthcare costs increased, with the cost of hospital inpatient care rising 0.3% and outpatient care advancing 0.4%. But prices for airline tickets fell 2.1% and portfolio management fees dropped 0.5%. These components go into the calculation of the personal consumption expenditures (PCE) price indexes, the inflation measures tracked by the Fed for its 2% target.

See also  UAW says new strikes at Detroit Three will come without notice

Based on the PPI data, economists estimated that the core PCE price index rose 0.2% in September after edging up 0.1% in August. That would push the annual increase in the core PCE price index to 3.7% in September from 3.9% in August.

Inflation

Reporting by Lucia Mutikani; Editing by Chizu Nomiyama and Paul Simao

: .

Acquire Licensing Rights, opens new tab
Cools Core Drive food Gasoline higher inflation Prices producer
Share. Facebook Twitter Pinterest LinkedIn Tumblr Email

Related Posts

EXCLUSIVE: ‘The Man She Is Today’: European Companies Accused Of ‘Importing’ Woke Ideology

May 29, 2025

‘The Economy Is On Fire!’: Kevin O’Leary Drops Fact Check On CNN Panelists Railing Against Trump’s Economy

May 29, 2025

DeSantis Signs Bill Making Gold And Silver Legal Tender

May 28, 2025

John Deere Announces $20 Billion Plan To Build Up American Manufacturing

May 28, 2025
Add A Comment

Leave A Reply Cancel Reply

Top Posts

We’re Not Implementing North Korea Sanctions as Strongly as We Could

September 15, 2023

Victor Davis Hanson Calls on U.S. to Cut All Palestinian Aid After Jews Executed by ‘SS’ Hamas Killers Like During ‘Holocaust’

October 9, 2023

Trump Says Banning TikTok Would Help ‘Enemy’ Facebook

March 8, 2024

Biden jokes about ice cream before demanding ban on ‘assault weapons’ after massacre: ‘A whole freezer full’

March 31, 2023
Don't Miss

EXCLUSIVE: ‘The Man She Is Today’: European Companies Accused Of ‘Importing’ Woke Ideology

Business May 29, 2025

Consumers’ Research issued a “Woke Alert” on Thursday warning American shoppers that three European companies…

‘The Economy Is On Fire!’: Kevin O’Leary Drops Fact Check On CNN Panelists Railing Against Trump’s Economy

May 29, 2025

DeSantis Signs Bill Making Gold And Silver Legal Tender

May 28, 2025

John Deere Announces $20 Billion Plan To Build Up American Manufacturing

May 28, 2025
About
About

This is your World, Tech, Health, Entertainment and Sports website. We provide the latest breaking news straight from the News industry.

We're social. Connect with us:

Facebook Twitter Instagram Pinterest
Categories
  • Business (4,136)
  • Entertainment (4,220)
  • Finance (3,202)
  • Health (1,938)
  • Lifestyle (1,645)
  • Politics (3,084)
  • Sports (4,036)
  • Tech (2,006)
  • Uncategorized (4)
  • World (3,944)
Our Picks

Peter Himmelman Releases Pro-Israel Song, ‘Grey Is the Most Dangerous Color’

November 2, 2023

Indonesia Announces Subsidies to Boost EV Uptake

March 8, 2023

South Asian Rising Stars Initiative Set for India, Pakistan Talent

August 27, 2023
Popular Posts

EXCLUSIVE: ‘The Man She Is Today’: European Companies Accused Of ‘Importing’ Woke Ideology

May 29, 2025

‘The Economy Is On Fire!’: Kevin O’Leary Drops Fact Check On CNN Panelists Railing Against Trump’s Economy

May 29, 2025

DeSantis Signs Bill Making Gold And Silver Legal Tender

May 28, 2025
© 2025 Patriotnownews.com - All rights reserved.
  • Contact
  • Privacy Policy
  • Terms & Conditions

Type above and press Enter to search. Press Esc to cancel.