The producer price index for final demand advanced 0.5% from a month earlier, according to the Bureau of Labor Statistics. The cost of gasoline increased 5.4%. Excluding food and energy, the PPI climbed 0.3%.The prices of goods rose firmly on the back of energy and the strongest advance in food costs in nearly a year. However, excluding those components, they edged up 0.1%. Services costs increased 0.3%, led by a type of financial services.
A pickup in oil prices — which reached the highest level in over a year in September — is threatening months of progress in taming producer inflation. While crude prices have subsided in recent weeks amid demand concerns, the conflict in Israel risks keeping costs elevated.Exxon Mobil Corp. agreed to buy Pioneer Natural Resources Co. for US$59.5 billion, the supermajor’s largest takeover in more than two decades, as it seeks to become the dominant producer of shale oil.
The Israel-Gaza war has had an immediate impact on oil prices, and experts said Tuesday that they believe the spike will be temporary, though the long-term effects on the commodity are so far uncertain.MTY Food Group reported its third-quarter profit rose compared with a year ago as its revenue gained 74 per cent.
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