Goods prices increased 0.5%, while services rose 0.2%. Core producer prices, excluding food, energy, and trade services, increased 0.5% for the month and 4.9% year over year.
Higher prices for chemicals, food, and transportation services contributed to the increase, while declining crude oil and diesel prices provided some offset. Intermediate goods and services costs also remained elevated, indicating continued cost pressures throughout the supply chain.
Producer inflation remains elevated despite a slower monthly increase in October. The 6.5% annual rise and continued increases in underlying prices suggest businesses are still facing significant cost pressures, which could eventually translate into higher consumer prices.
