Produce Price Index Jumps 1.7%
The rather large jump in the PPI will likely lend more support to the Federal Reserve continuing to raise interest rates.
The Bureau of Labor Statistics of the U.S. Department of Labor reported today that the seasonally adjusted Producer Price Index for Finished Goods advanced 1.7 percent in October. This gain followed a 0.1- percent rise in September and a 0.1-percent decrease in August.
The largest change was in energy which increased 6.8% in October.