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According to a report issued by the U.S. Labor Department, the seasonally adjusted Producer Price Index increased 1.1 percent last month. While U.S. producer prices rose more than analysts expected in September due to rising energy costs, inflation remained muted.
In response to the report, stocks rose Friday morning, even as most markets around the world posted declines. However, stocks will still show their biggest weekly loss since June due to mixed third-quarter results from U.S. companies like Alcoa (NYSE:AA), Safeway (NYSE:SWY), and Yum Brands (NYSE:YUM).
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The Dow Jones industrial average was up 42 points at 13,368 and the Standard & Poor’s 500 index rose 2 points to 1,435 on Friday morning.
Despite the rise in overall wholesale prices in September, slow job growth is likely to prevent inflation from reaching consumers.
Last month, wholesale prices, excluding food and energy remained unchanged, which fell short of analysts expectations. However, consumer inflation was below the Federal Reserve’s 2 percent target, overall producer prices were aided by a 4.7 percent increase in energy prices, and core prices increased 2.3 percent since September last year.
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