U.S. producer prices unexpectedly fell in September, leading to the smallest annual increase in nearly three years, which could give the Federal Reserve room to cut interest rates again later this month.
In the 12 months through September the PPI increased 1.4%, the smallest gain since November 2016, after rising 1.8% in August. Economists polled by Reuters had forecast the PPI nudging up 0.1% in September and advancing 1.8% on a year-on-year basis. Some economists expect the U.S. central bank could cut rates at its Oct. 29-30 policy meeting amid signs that the Trump administration's 15-month trade war with China, which has weighed on business investment and pushed manufacturing into recession, was impacting the broader economy.
Wholesale food prices rebounded 0.3% in September, lifted by a 26.8% surge in the cost of chicken eggs. Food prices dropped by 0.6% in August. Core goods prices fell 0.1% last month. They were unchanged in August.
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