Prices paid to U.S. producers rose 1.1% in September, reflecting an increase in fuel costs, the Labor Department said Thursday.
The producer price index increase followed a 1.7% upturn in August. The so-called core PPI, which excludes food and energy, was unchanged the first time it didn’t increase since October 2011, Labor said.
Economists had forecast a 0.8% increase in the PPI, and a core rate increase of 0.2%, Bloomberg reported.
An increase in the PPI could indicate strong demand for goods, which would mean more shipments for trucking companies. However, if inflation begins to accelerate too quickly, it also could hurt the economy.