{"id":1085,"date":"2024-11-14T15:00:09","date_gmt":"2024-11-14T15:00:09","guid":{"rendered":"https:\/\/otetmarkets.com\/blog\/?p=1085"},"modified":"2024-11-14T15:00:11","modified_gmt":"2024-11-14T15:00:11","slug":"factory-gate-prices-in-the-us-see-steady-increase-in-october-2024","status":"publish","type":"post","link":"https:\/\/otetmarkets.com\/blog\/news\/factory-gate-prices-in-the-us-see-steady-increase-in-october-2024\/","title":{"rendered":"Factory Gate Prices in the US See Steady Increase in October 2024"},"content":{"rendered":"\n

In October 2024, factory gate prices in the United States rose by 0.2% month-over-month (mom), matching market expectations and continuing the trend from the previous month. This follows an upwardly revised 0.1% increase in September, signaling a steady but gradual rise in overall pricing. Prices for services played a key role in this uptick, with a 0.3% increase, compared to 0.2% in September. Notably, portfolio management services surged by 3.6%, contributing significantly to the overall rise.<\/p>\n\n\n\n

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Services and Goods Contribute to PPI Growth<\/strong><\/h2>\n\n\n\n

The boost in prices was largely driven by several sectors within services. Airline passenger services, computer hardware, software, and supplies retailing, outpatient care, and cable and satellite subscriber services all experienced noticeable price increases. Similarly, machinery and vehicle wholesaling also saw higher costs, further contributing to the upward momentum. On the goods side, prices inched up by 0.1%, marking a reversal after two consecutive months of decline.<\/p>\n\n\n\n

Key Drivers of Price Increases in Goods<\/strong><\/h3>\n\n\n\n

A major factor behind the rise in goods prices was a significant 8.4% increase in carbon steel scrap prices. Additionally, the prices for meats, diesel fuel, fresh and dry vegetables, and oilseeds also edged higher, contributing to the slight uptick in the overall goods sector. This shift in commodity prices reflects broader economic conditions affecting both producers and consumers alike.<\/p>\n\n\n\n

Annual Inflation Shows Acceleration in PPI and Core Rate<\/strong><\/h3>\n\n\n\n

Year-over-year, the Producer Price Index (PPI) saw a 2.4% increase in October, up from a revised 1.9% rise in September. This result surpassed the forecasted 2.3%, signaling stronger-than-expected inflationary pressures. The core PPI, which excludes food and energy prices, also rose by 0.3% from the previous month, matching forecasts and marking a slight acceleration from September\u2019s 0.2% increase. The annual core rate saw an even more notable jump to 3.1%, up from 2.9% in September and exceeding expectations of 3%.<\/p>\n\n\n\n

<\/p>\n","protected":false},"excerpt":{"rendered":"

In October 2024, factory gate prices in the United States rose by 0.2% month-over-month (mom), matching market expectations and continuing the trend from the previous month. This follows an upwardly revised 0.1% increase in September, signaling a steady but gradual rise in overall pricing. Prices for services played a key role in this uptick, with […]<\/p>\n","protected":false},"author":2,"featured_media":1088,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[24,2],"tags":[37],"class_list":["post-1085","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-global-economy-news","category-news","tag-financialnews"],"_links":{"self":[{"href":"https:\/\/otetmarkets.com\/blog\/wp-json\/wp\/v2\/posts\/1085","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/otetmarkets.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/otetmarkets.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/otetmarkets.com\/blog\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/otetmarkets.com\/blog\/wp-json\/wp\/v2\/comments?post=1085"}],"version-history":[{"count":1,"href":"https:\/\/otetmarkets.com\/blog\/wp-json\/wp\/v2\/posts\/1085\/revisions"}],"predecessor-version":[{"id":1087,"href":"https:\/\/otetmarkets.com\/blog\/wp-json\/wp\/v2\/posts\/1085\/revisions\/1087"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/otetmarkets.com\/blog\/wp-json\/wp\/v2\/media\/1088"}],"wp:attachment":[{"href":"https:\/\/otetmarkets.com\/blog\/wp-json\/wp\/v2\/media?parent=1085"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/otetmarkets.com\/blog\/wp-json\/wp\/v2\/categories?post=1085"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/otetmarkets.com\/blog\/wp-json\/wp\/v2\/tags?post=1085"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}