U.S. producer prices rose slightly more than expected in November amid a jump in the costs of services, but the trend is moderating, with annual inflation at the factory gate posting its smallest increase in 1-1/2 years.
The report from the Labor Department on Friday also showed underlying producer prices increasing at their slowest pace since April 2021 on a year-on-year basis. Consumers' one-year inflation expectations fell to a 15-month low in December, other data showed.
The producer price index for final demand rose 0.3% last month. Data for October was revised up to show the PPI gaining 0.3% instead of 0.2% as previously reported. Portfolio management fees, airline tickets, healthcare and hotel accommodation go into the calculation of the personal consumption expenditures price index, excluding the volatile food and energy components. The Fed tracks the so-called core PCE price index for its 2% inflation target.
"While core goods prices in CPI are still very likely to decline in November given falling used car prices, a renewed increase in core goods PPI highlights that there remain some underappreciated upside risks to goods prices into next year," said Veronica Clark, an economist at Citigroup in New York.
"The big picture is that there is still no evidence of inflation expectations becoming unanchored," said Andrew Hunter, a senior U.S. economist at Capital Economics.Inflation is gradually slowing as supply chains ease and demand for goods ebbs. The Institute for Supply Management last week reported that its measure of prices paid by factories for goods dropped to a 2-1/2 year low in November.
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