美国10月PPI环比上涨0.3%，同比升至6.5%，为近四年来最高
Wholesale prices rose 0.3% in October, putting annual rate at 6.5%, the highest in nearly four years
美国劳工统计局公布，10月生产者价格指数（PPI）环比上涨0.3%，低于市场预期的0.4%；核心PPI环比上涨0.3%，符合预期。整体PPI同比上涨6.5%，较前值高0.2个百分点，为2022年11月以来最高水平。数据公布前几周，美联储将召开下一次政策会议；文中称市场已完全计入加息25个基点的预期，并存在加息50个基点的较小可能性。
10月PPI月率低于预期，但同比升至6.5%，显示生产端价格压力仍在上行；这一组合有助于理解美联储利率决策所面对的通胀背景。
Wholesale prices increased less than expected in October as the Federal Reserve contemplates its next move on interest rates.
The producer price index, which measures the prices domestic producers get for their products before they reach the consumer, rose a seasonally adjusted 0.3% for the month, against the Dow Jones consensus for a 0.4% increase, the Bureau of Labor Statistics reported Friday.
Stripping out food and energy, core PPI posted a 0.3% gain, meeting expectations.
On an annual basis, headline PPI accelerated 6.5%, up 0.2 percentage point for the highest annual rate since November 2022.
The report comes just a few weeks ahead of the Federal Reserve's next policy meeting Dec. 8-9. Markets are fully pricing in a quarter percentage point increase in the central bank's key overnight borrowing rate, with slight odds that the Federal Open Market Committee might opt for a half-point hike.
Stock market futures added to gains following the release while Treasury yields were mixed.
Earlier this week, the BLS reported that inflation at the cash register was hotter than expected.
The headline consumer price index saw a 0.4% increase in October while core was up 0.3%, both 0.1 percentage point higher than expected. Because of the government shutdown in October 2025, the BLS couldn't collect some data and refrained from putting out a 12-month inflation figure for CPI.
However, the figures showed that the Fed remains a good distance from its 2% inflation goal.
Moreover, policymakers are beginning to worry that inflation generated by the Iran war and higher fuel prices, along with President Donald Trump's tariffs, are beginning to spread through the economy. The Fed generally would look through such price pressures as temporary, but the breadth of inflation could indicate that inflation is becoming more entrenched.
"We've had some signs of trouble now for several months in a row," Chicago Fed President Austan Goolsbee said in a CNBC interview Friday. "If you look at how broad-based the inflation is, it's not just that we're above the target and have been for some time. It's that in categories that are not driven by oil prices and not driven by tariffs, you're still seeing stalled progress and in some cases going the wrong way."
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来源：CNBC · cnbc.com