WASHINGTON -- The U.S. Labor Department said Tuesday the producer price index in October rose at its fastest pace since January 1990.
Labor said prices of energy and food surged although inflation outside those sectors remained mild. The so-called core index rose a moderate 0.3 percent -- the same rate as in September.
The report showed crude-oil prices hit an all-time high of about $55 a barrel in late October. The Labor Department said energy prices skyrocketed 6.8 percent in October, the biggest increase in 20 months. Gasoline prices surged 17.3 percent, the biggest increase since June 2000. Residential electric-power prices registered a 2.3 percent increase, the biggest in nearly 14 years.
Food prices also registered a big increase -- a 1.6 percent gain that was the largest in a year.
The producer price index is a measure of the average price level for a fixed basket of capital and consumer goods paid by producers.
