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Services boost U.S. producer prices; underlying inflation firming

Reuters  |  WASHINGTON 

By Lucia MutikaniWASHINGTON (Reuters) - U.S. producer prices rose more than expected in October, driven by a surge in the cost of services, leading to the biggest annual increase in wholesale inflation in more than 5-1/2 years.Tuesday's report from the Labor Department also showed steady gains in underlying producer prices, which supported expectations of a gradual increase in inflation and keep the Federal Reserve on track to raise interest rates in December."Reports that inflation is dead or too low are not true in every corner of the economy," said Chris Rupkey, chief economist at MUFG in ...

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First Published: Tue, November 14 2017. 22:37 IST