US producer inflation rises 8% annually in October, slowing from 8.4% in September

By Ovunc Kutlu

ANKARA (AA) - Annual US producer inflation rose 8% in October, according to Labor Department figures released on Tuesday.

The latest figure represents a slowdown from September's 8.4% increase and the largest annual jump since a record high of 11.7% gain this March.

The Producer Price Index (PPI), which measures changes in the price of goods and services from a producer perspective, also came lower than the market estimate of 8.3%.

On a monthly basis, the PPI rose 0.2% in October, also lower than the market expectation of a 0.4% gain. The figure for September came in at a 0.2% monthly gain.

"In October, 60 percent of the increase in prices for final demand goods is attributable to the index for gasoline, which rose 5.7 percent," the department said in a statement.

Core producer prices, which exclude food, energy, and trade, moved up 0.2% in October on a monthly basis, after rising 0.2% in September.

The core PPI in October climbed 5.4% on an annual basis, after also gaining 5.6% year-on-year the month before.