WASHINGTON (Reuters) – U.S. producer prices increased a bit more than expected in October, but were unlikely to translate into higher inflation given considerable slack in the labor market and a resurgence in new coronavirus cases.
The producer price index for final demand climbed 0.3% last month after rising 0.4% in September. In the 12 months through October, the PPI increased 0.5% after rebounding 0.4% in September. Economists polled by Reuters had forecast the PPI would gain 0.2% in October and increase 0.4% on a year-on-year basis.
(Reporting by Lucia Mutikani; Editing by Catherine Evans)
