The US producer prices rose by 0.2% in September after falling in August, meeting the expectations of analysts. The increase of prices in the services sector was able to compensate the slight depreciation of the goods. For the 12 months to September, the US producer price index has increased by 2.6% – slightly below expectations, according to the data of the US Department of Labor.
The increase in US producer prices in September come after two months of sluggish performance and are in line with expectations of economists, which forecast growth of 0.2% mom and 2.8% yoy.
The index of the core producer prices, excluding food, energy and trade services, rose by 0.4% in September, which is the biggest increase since January. or the 12 months to September, the surge was 2.9%, the same as the previous month.
Service prices rose by 0.3% last month, reversing the downward trend over the previous two months. The growth was driven by a 1.8% rise in transport and storage services. More than one-third of the price increases in the services sector comes from a 5.5% rise in air passenger services.
At the same time, the slight decline in commodity prices was the first since May 2017. This is mainly due to a fall in energy prices by 0.8% and of food products by 0.6%.