washington (reuters) – output prices rose in september, supported by the sharp rise in the price of gasoline in the two years following the disruption caused by the hurricane harvey in the production of refineries in texas.
the index of producer prices (ppi) rose by 0.4% last month, after a 0.2% gain in august, announced thursday the labor department. in the 12 months to september, there was an increase of 2.6%, the highest since february, following an increase of 2.4% a year in august.
the wholesale price of gasoline rose 10.9 percent in september, after having increased from 9.5% in august. this is the most spectacular in may 2015, and represents two thirds of the growth of 0.7% on the price of the goods. the labour department said that the increase in energy prices was likely due to the reduction in refining capacity in the region of the gulf coast after hurricane harvey. “
economists surveyed by reuters had an average increase of 0.4% the program last month and speeding up 2.5% on the previous year.
hurricane harvey, and irma, which struck the united states in late august and early september, resulted in the loss of jobs, the first in seven years. the storms have affected consumer spending and reduced industrial production, residential construction and home sales.
rising gasoline prices should, however, be temporary in view of the abundant supply of crude oil.
a key indicator of price pressures from food production, energy and commercial services (ppi) has increased from 0.2 percent last month after a similar gain in august. the ppi base has increased by 2.1 per cent in the 12 months to september, after an increase of 1.9% in august.
inflation, followed by the us federal reserve, has remained relatively low and below the 2 per cent target. price pressures remained limited despite a labour market close to full employment.
last month, food prices remained unchanged following a decline of 1.3% in august, the commodities was 0.3% after an increase of 0.2% in the previous month.
the prices of services rose 0.4 percent in july, following a 0.1% gain in august.
the cost of care was not changed after an increase of 0.3% in august.
these costs represent the component that is included in the calculation of the price index for pce core close to the fed.
(lucia mutikani, claude chendjou for service in french, edited by juliet rouillon.
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Translated by forexguides.info Team