U.S. wholesale prices continued to rise in October but at a slower pace than in the prior month, according to official data Tuesday which will add to rising hopes that inflation has peaked.
The news, which came on top of last week’s report showing a slowdown in consumer prices, added traction to growing expectations the Federal Reserve will be able to dial back its aggressive increases in borrowing costs in the battle against inflation that hit a 40-year high.
The producer price index rose just 0.2% compared to September, the Labor Department reported, which was half the pace economists had expected.
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