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Sept. core prices climb, gasoline drop a record
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Sept. core prices climb, gasoline drop a record
US producer prices fell more than twice as much as expected last month on a record drop in gasoline prices, but core prices jumped amid a rebound in autos that may vex the Federal Reserve as it weighs inflation risks.
The Labor Department said yesterday that producer prices declined 1.3 percent in September, the steepest drop since April 2003. This came with a 22.2 percent fall in gasoline prices that broke the previous record of a 22.1 percent drop, set in March 1986.
The core producer price index, which strips out volatile food and energy costs, advanced 0.6 percent after a 3.5 percent rebound in light motor truck prices, the largest increase since October 1985, following a 3.4 percent dip the previous month.
Passenger cars rose 2.8 percent – the largest gain in 16 years – after falling 2.6 percent in August.
Stripping out those sharp rises in truck and car prices, core producer prices would have risen 0.1 percent, a Labor Department official said.
U.S. stock futures and Treasury bond prices lost ground on news of the advance in core prices, while the dollar was little changed.
Financial markets believe the US central bank will hold interest rates steady not just at its Oct. 24-25 meeting, but through the end of the year. But the mixed signals from producer prices underline the tricky task facing policy-makers.
Energy prices at the producer level dropped 8.4 percent in September, the largest drop since July 1986, after a gain of 0.3 percent in August.
In other data out yesterday, U.S. chain store sales rose 3.5 percent in the week ended Oct. 14 compared with the same week a year ago, according to Redbook Research. Sales at US retailers rose 1.4 percent when compared with the same period in September, it said.
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