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US wholesale prices fall in September | Canindia News

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US wholesale prices fall in September

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CanIndia New Wire Service 0 comments

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Washington, Oct 15 (IANS) US producer prices declined in September, raising concerns about possible rising deflationary pressure.

The produce price index (PPI) for final demand declined 0.5 percent in September, compared to zero growth in August, Xinhua quoted the labour department as saying on Wednesday.

Two thirds of the PPI decrease was attributable to prices for final demand goods, which fell 1.2 percent in the month, said the department. The index for final demand services edged down 0.4 percent.

Excluding the volatile food and energy sectors, the so-called “core” PPI fell 0.3 percent in September, compared to an increase of 0.3 percent in August.

The US Federal Reserve last month opted to delay an interest rate hike considering the low inflation environment as well as the turbulent global economic and financial market development.

However, most Fed officials, including Fed Chairwoman Janet Yellen, believed factors, such as the strong US dollar and low oil prices, which are weighing down on the inflation level, will prove temporary, and the inflation will gradually move up to the Fed’s 2 percent target.

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