02:34 PM EDT, 10/11/2024 (MT Newswires) -- The PPI was unchanged in September following a 0.2% gain in August, with energy prices down 2.7% and food prices up 1%.

Core prices, which exclude food and energy, rose by 0.2%, as expected, after a 0.3% increase in the previous month.

Services prices were up 0.2% in September, with trade services prices also up 0.2%.

The year-over-year rise in producer prices slowed to 1.8% from 1.9% in the prior month, while core prices accelerated to 2.8% year-over-year after a 2.6% year-over-year increase in the previous month.

The preliminary Michigan consumer sentiment index fell to 68.9 in October from 70.1 in September. The readings for both current conditions and the near-term outlook deteriorated due to continued concerns about high prices.

Michigan said that inflation expectations for the next year rose to 2.9% in October from 2.7% in September, but the five-year inflation expectation fell to 3% from 3.1%.

The St. Louis Fed's GDP nowcast estimate for Q3 is for a 1.73% gain, revised up from 1.70% in the previous estimate.