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U.S. producer prices rise 0.2% in October, core PPI up 0.4%

Published 11/18/2014, 08:33 AM
Updated 11/18/2014, 08:33 AM
U.S. producer prices rise more than expected in October

Investing.com - Producer price inflation in the U.S. rose more than expected in October, while core prices also topped forecasts, official data showed on Tuesday.

In a report, the Commerce Department said that producer prices inched up by a seasonally adjusted 0.2%, compared to forecasts for a 0.1% decline, after falling 0.1% in September.

Year-over-year, the producer price index rose at an annualized rate of 1.5% in October, above expectations for a 1.2% increase and following a gain of 1.6% in the preceding month.

The core producer price index eased up by a seasonally adjusted 0.4% last month, above expectations for a gain of 0.2% and following a flat reading in September.

Core producer prices rose at an annualized rate of 1.8% in October, compared to forecasts for 1.5% and up from 1.6% in the preceding month.

Core prices are viewed by the Federal Reserve as a better gauge of longer-term inflationary pressure because they exclude the volatile food and energy categories.

EUR/USD was trading at 1.2514 from around 1.2521 ahead of the release of the data, while GBP/USD was at 1.5652 from 1.5661 earlier.

Meanwhile, U.S. stock futures pointed to a modestly higher open. The Dow futures pointed to a gain of 0.1% at the open, the S&P 500 futures added 0.1%, while the Nasdaq 100 futures picked up 0.1%.

Elsewhere, in the commodities market, gold futures traded at $1,196.50 a troy ounce, compared to $1,195.90 ahead of the data, while crude oil traded at $75.63 a barrel from $75.66 earlier.

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