After reporting a slightly bigger than expected increase in U.S. consumer prices on Wednesday, the Labor Department released a separate report on Thursday showing U.S. producer prices increased by slightly less than expected in the month of September.
The Labor Department said its producer price index for final demand rose by 0.5 percent in September after climbing by 0.7 percent in August. Economists had been expecting producer prices to increase by 0.6 percent.
Core producer prices, which exclude prices for food, energy and trade services, inched up by 0.1 percent in September after rising by 0.3 percent in August. Core prices were expected to climb by 0.4 percent.
Compared to the same month a year ago, producer prices surged by 8.6 percent in September compared to an 8.3 percent spike in August.
Meanwhile, the annual rate of growth in core producer prices slowed to 5.9 percent in September from 6.3 percent in August.