U.S. wholesale inflation hits 5-year record in October

Rising costs for services in October drove US wholesale inflation to its highest level in more than five years according to government data released

Producer prices feed into consumer prices.

Producer prices increased 0.4% in October, seasonally adjusted, after growing 0.4% in September, according to the U.S. Bureau of Labor Statistics.

The 0.2% gain in Ex food and energy was the 3rd straight month of similar rises.

USA inflation is rising, at least at the producer level. Producer prices rose 2.8% for the twelve months ended October 2017, the largest gain since the twelve months ended February 2012.

"The PPI does not drive the Fed but policymakers will note the threat to consumer price inflation if PPI inflation continues to rise, as we think likely", Shepherdson said in a client note.

Margins for fuels and lubricants retailing soared 24.9 percent, accounting for nearly half of the increase in the cost of services last month.

The personal consumption expenditures (PCE) price index excluding food and energy inflation measure tracked by the Fed has remained below the USA central bank's 2 percent target since mid-2012. Pipeline price pressures are expected to improve gradually.

While the Federal Reserve focuses on a measure of consumer price inflation for its monetary policy decisions, a rising PPI could signal more normal price behavior is ahead if that passes through to retail prices. The dollar fell against a basket of currencies.

Outside services, producer price increases were fairly broad last month. Prices for final demand energy were unchanged. Stripping energy, food and trade, the PPI inflation rose more modestly at 0.2 percent as part of the strength in the headline figure was driven by trade margins and food prices. The so-called core PPI increased 2.3 percent in the 12 months through October after advancing 2.1 percent in September. Year over year, PPI is up 2.8% and core PPI is up 2.4%. Prices of goods and services rose 0.3 percent and 0.5 percent, respectively.

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