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The U.S. Commerce Department released the producer price index figures on Tuesday. The U.S. producer price index rose 0.2% in October, beating expectations for a 0.1% fall, after a 0.1% decrease in September.
On a yearly basis, the producer price index increased 1.5% in October, exceeding expectations for a 1.3% gain, after a 1.6% rise in September.
The increase was driven by higher prices for services and food. Wholesale prices excluding food and energy climbed 0.4% in October, while the cost of services inched 0.5%.
Prices for goods fell 0.4% last month. That was the biggest fall since April 2013.
Energy costs declined 3% in October. That was the biggest decline since March 2013.
The report showed that crude oil prices fell at a monthly rate of 9.8% in October.
The producer price index excluding food and energy was up 0.4% in October, beating forecasts of a 0.1% increase, after the flat reading in September.
On a yearly basis, the producer price index excluding food and energy climbed 1.8% in October, exceeding expectations for a 1.5% increase, after a 1.6% gain in September.
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