Latest US economic data shows wholesale sales in Octoberinflation The annual growth rate reached 6.5%, a new high in four years. Although the monthly growth rate was much lower than in September, a sharp rise in food prices as well as a rise in energy costs due to the US-Iraq war put the changes on the path of reducing inflation and also put the market on alert.federal Reserve Expectations of rate hike in December have deepened.
The producer price index (PPI), which measures prices charged by farms, factories and other sources of supply of goods, rose 0.3% in October from September, in line with analysts’ expectations, Agence France-Presse reported.
According to revised data released by the US Bureau of Labor Statistics (BLS), the increase in October was much lower than the 1.4% increase in September.
The report comes after consumer price data released earlier this week showed rising inflation, highlighting the impact of rising energy costs due to the US-Iran war.
In a similar situation to the Consumer Price Index (CPI) released on the 10th, the US Producer Price Index in October showed a sharp increase in food prices. In comparison, final demand energy prices actually fell slightly in October.
Other commodities experiencing price growth include basic organic chemicals, fresh and dried vegetables, aerospace equipment and processed baby chicken products.
Diesel prices, which had earlier risen, fell 7.9% in October due to supply disruptions in the Middle East caused by the war, the data showed.
As inflation remains high, the market generally expects the Federal Reserve to raise interest rates in December.
