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WASHINGTON, Dec 12 - U.S. producer prices increased by the most in five months in November, but easing costs of services such as portfolio management fees and airline fares offered hope that the disinflationary trend remains in place despite stalled progress.
"We see little evidence of pipeline price pressure in the producer price data," said Samuel Tombs, chief U.S. economist at Pantheon Macroeconomics."The foundations are in place for core PCE inflation to fall further next year, though the new administration will snatch defeat from the jaws of victory if they press ahead with higher import tariffs and deportations."
Prices for fresh and dry vegetables, fresh fruits and melons also rose. Energy prices gained 0.2%. Excluding the volatile food and energy components, goods prices rose 0.2%, advancing by the same margin for five straight months.Services prices gained 0.2% after climbing 0.3% in October. Portfolio management fees fell 0.6% after surging 3.1% in October.
Core PCE inflation is one of the measures tracked by the Fed for monetary policy. It rose 0.3% for a second straight month in October. Core inflation was forecast increasing 2.8% year-on-year in November, matching October's advance. The Fed kicked off its monetary policy easing cycle in September. Its benchmark overnight interest rate is now in the 4.50%-4.75% range, having been hiked by 5.25 percentage points between March 2022 and July 2023 to tame inflation.
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