Producer prices continued to rise in October, according to newly released federal inflation data.
The producer price index rose 0.2% last month, contributing to an 8% rise in the last 12 months, according to U.S. Bureau of Labor Statistics federal pricing data. The price increase in October is much lower than some previous months this year, though some goods rose more than others.
“In October, the rise in the index for final demand can be attributed to a 0.6-percent advance in prices for final demand goods. In contrast, the index for final demand services decreased 0.1 percent,” the BLS report read. “Prices for final demand less foods, energy, and trade services advanced 0.2 percent in October following a 0.3-percent rise in September. For the 12 months ended in October, the index for final demand less foods, energy, and trade services increased 5.4 percent.”
Final demand producer goods rose the most since June of this year, in large part because of an increase in energy prices.
“Product detail: In October, 60 percent of the increase in prices for final demand goods is attributable to the index for gasoline, which rose 5.7 percent,” the BLS report read. “Prices for diesel fuel, fresh and dry vegetables, residential electric power, chicken eggs, and oil field and gas field machinery also advanced. In contrast, the index for passenger cars declined 1.5 percent.”
Republicans still blasted President Joe Biden for the price hikes in the last year, pointing to increases like vegetables, which are up nearly 50% in the last year.
“The only way to curb record-high costs is to demand fiscal responsibility that will finally end this national nightmare, and that is exactly what I am fighting to do,” said Sen. Rick Scott, R-Fla.