The
Labor Department reported on Thursday the U.S. producer-price index (PPI) rose
0.5 percent m-o-m in September, following an unrevised 0.7 percent m-o-m jump
in August.
For
the 12 months through September, the PPI surged 8.6 percent after an unrevised 8.3
percent climb in the previous month. That represented the largest gain since
12-month data were first calculated in November 2010.
Economists
had forecast the headline PPI would increase 0.6 percent m-o-m last month and 8.7
percent over the past 12 months.
According
to the report, nearly 80 percent of the September gain in the index for final
demand can be traced to a 1.3-percent m-o-m increase in prices for final demand
goods. In addition, the index for final demand services rose 0.2 percent m-o-m.
Excluding
volatile prices for food and energy, the PPI went up 0.2 percent m-o-m and climbed
6.8 percent over 12 months (the largest increase on record). Economists had
forecast gains of 0.5 percent m-o-m and 7.1 percent y-o-y.