United States Producer Price Inflation MoM

11.10.23

United States Stock Market Index 500

Those gains came as dovish remarks from Federal Reserve officials bolstered bets that the central bank is done hiking interest rates. In the latest commentary, Atlanta Fed President Raphael Bostic said the Fed need not raise borrowing costs any further to get inflation back down to the 2% target.

• Producer prices in the US increased by 0.7% in August 2023, the highest level since June 2022, and exceeded market expectations of a 0.4% rise. Prices for goods advanced by 2%, driven by a 10.5% surge in energy costs.

• Product Detail: More than 70% of the August increase in prices of processed goods for intermediate products demand can be traced to a 41.1% increase in the diesel fuel index. Petrol prices; jet fuel; natural, processed and imitation cheeses; fats and oils

• Still, the US oil benchmark remained up about 4% for the week as the Middle East conflict increased the war-risk premium to the market.