US wholesale inflation picked up speed in November, pushed higher in part by fast-rising energy prices, according to shutdown-delayed data released Wednesday.
The latest Producer Price Index report, which was delayed due to the recent federal shutdown, showed that prices rose 0.2% in November from the month before, resulting in an annual rate of 3%, according to the Bureau of Labor Statistics.
As was the case with other major economic reports that relied on data collected during the shutdown, the BLS did not release a separate PPI report for October because the 43-day federal shutdown hampered statistical agencies’ operations.
However, unlike those reports, the PPI was able to include fuller data for October – only the price-update requests and submissions were delayed, BLS officials wrote in a note accompanying the report.
In October, falling energy prices resulted in a softer overall reading: Producer prices rose 0.1% from September and were up 2.8% annually.
Wednesday’s report also showed that wholesale inflation was hotter than previously thought in September. The annual rate was revised higher to 3% from 2.7%.
PPI, which measures the average change in prices that producers receive for their goods and services, serves as a potential bellwether for what consumers may see in the months ahead.
This story is developing and will be updated.
