US producer prices grow by 2.4% annually in October
increased at a faster annual rate than anticipated in October, as the Federal Reserve assesses the outlook for inflation heading into its final policy meeting of the year.
Excluding more volatile items like food and fuel, the reading came in at 0.3% month-on-month, in line with estimates. Year-over-year, the so-called"core" index moved up by 3.1%, compared to expectations of 3.0%. Last week, the Fed cut borrowing costs by 25 basis points, noting that while inflation was"somewhat elevated" the risks to achieving stable price growth and a resilient jobs market were"roughly in balance."
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