US producer prices unchanged in October on weak services

WASHINGTON: US producer prices were unexpectedly flat in October as a rise in the cost of goods was offset by declining services costs.

The Labor Department said on Wednesday that the unchanged reading in its producer price index for final demand last month followed a 0.3 percent increase in September.

In the 12 months through October, the PPI increased 0.8 percent, the biggest gain since December 2014. That followed a 0.7 percent rise in September. Economists polled by Reuters had forecast the PPI rising 0.3 percent last month and accelerating 1.2 percent from a year ago.