After reporting a modest increase in U.S. consumer prices on Tuesday, the Labor Department released a report on Wednesday showing U.S. producer prices increased by more than expected in the month of September.
The Labor Department said its producer price index for final demand climbed by 0.4 percent in September after rising by 0.3 percent in August. Economists had expected prices to edge up by 0.2 percent.
The report said food prices jumped by 1.2 percent in September after decreasing by 0.4 percent in August, while energy prices fell by 0.3 percent after dipping by 0.1 percent.
Excluding food and energy prices, core producer prices still rose by 0.4 percent in September, matching the increase seen in the previous session. Core prices were also expected to inch up by 0.2 percent.