U.S. producer prices increase more than expected in September

The producer price data for September suggest U.S. inflation could remain uncomfortably high for a while

U.S. producer prices increased more than expected in September amid strong gains in the costs of services and goods, suggesting inflation could remain uncomfortably high for a while.

The moderation in annual producer inflation is being driven by an easing in supply chain bottlenecks as well as a retreat in commodity prices from the highs seen in the spring. But the pass through to consumer prices has been marginal. Data on Thursday is likely to show consumer prices picking up in September, according to a Reuters survey of economists, sealing the case for the Federal Reserve to raise interest rates by 75 basis points next month for the fourth time this year.

The Fed has since March raised its policy rate from near zero to the current range of 3.00 per cent to 3.25 per cent.

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