The BLS released the producer price index today and it shows a bump up. From the BLS.gov:
The Producer Price Index for final demand increased 0.5 percent in September, seasonally adjusted, the U.S. Bureau of Labor Statistics reported today. Final demand prices rose 0.7 percent in August and 0.6 percent in July. (See table A.) On an unadjusted basis, the index for final demand advanced 2.2 percent for the 12 months ended in September, the largest increase since moving up 2.3 percent for the 12 months ended in April. Leading the increase in the final demand index in September, prices for final demand goods rose 0.9 percent. The index for final demand services advanced 0.3 percent. Prices for final demand less foods, energy, and trade services increased 0.2 percent in September, the fourth consecutive advance. For the 12 months ended in September, the index for final demand less foods, energy, and trade services moved up 2.8 percent.
Source: BLS.gov
Once again, we remind you that the Federal Reserve has raised interest rates by 525% and we are still getting inflation moving in the wrong direction. The next FOMC meeting is in 21 days so we’ll have to wait and see what the Fed plans to do about this latest data.
In the meantime stay tuned, stay profitable, and stay solvent…