Market Updates
Wholesale Prices Rise 0.3% In November
Brian Turner
09 Dec, 2022
New York City
The producer price index increased 0.3% in November from October and eased to 7.4% from a year ago on higher cost of services, the U.S. Bureau of Labor Statistics said.
Core rate of inflation in November accelerated to 0.4% from 0.1% in October but eased to 6.2% annual pace from 6.6% rate in October.
The higher-than-expected wholesale price data contrasted with other economic data in recent times indicating moderating of inflation.
The 3.3% decline in energy price in the month was offset by a similar rise in the food index after wholesale vegetable prices soared 38%.
The elevated inflation is likely to keep policymakers on Wednesday on track to deliver another rate hike of at least 0.5% and lift the federal funds rate target range between 4.25% and 4.50%.
Monthly inflation pace has moderated to 0.3% from 1.0% increase in November 2021 but price increases have spread to the service sector of the economy.
The index for final demand for services accelerated to 0.4% in November from 0.1% in October.
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