US September PPI rose 6.3% year-over-year, hitting a new high since December 2022

Odaily reports: The U.S. September Producer Price Index (PPI) rose 6.3% year-over-year and 1.3% month-over-month, with the year-over-year growth rate reaching its highest since December 2022 and the month-over-month increase being the largest since March 2022. Energy costs accelerated, with gasoline producer prices rising 20.3% month-over-month.

According to U.S. Bureau of Labor Statistics (BLS) data, final demand goods prices rose 2.6% month-over-month, with final demand energy prices up 10.8%; final demand services prices rose 0.8%, with transportation and warehousing costs up 3.4%. During the same period, U.S. September retail sales grew 0.8% month-over-month, below August's 1.3%.

Polymarket data shows that traders estimate a 72% probability that the Federal Reserve will keep interest rates unchanged at its October meeting, and a 28% probability of a 25 basis point rate hike, with related market trading volume approaching $41.5 million. In September, the Federal Reserve raised its benchmark interest rate to a range of 3.75% to 4%.

After the report was released, Bitcoin's price briefly fell below $81,000 and touched an intraday low of $80,154 on Bitstamp; it fell 3.4% on the day and 4% over the past two weeks. (Bitcoin.com News)