U.S. producer prices unexpectedly rose in October, driven by a jump in prices in the service sector, according to a government report on Tuesday.
The Labor Department said its producer price index (PPI) for final demand increased 0.2 percent. The PPI had declined 0.1 percent in September.
Economists had expected producer prices to fall 0.1 percent last month. In the 12 months through October, producer prices increased 1.5 percent, the smallest advance since February, after rising 1.6 percent in September.
A broader measure, which excludes food, energy, and trade services, slightly rose 0.1 percent in October after falling 0.1 percent in September.
Last month, energy prices fell 3.0 percent, declining for a fourth consecutive month. Food prices increased 1.0 percent, ending two consecutive months of declines.