US producer prices rise 0.3% in October, slightly less than expected

The price increase was somewhat lower than expected. Analysts had on average expected an increase of 0.4 percent from September and 6.6 percent from October last year, according to Bloomberg.

Excluding energy and food prices, producer prices rose by 0.3 percent in October from the previous month and 5.0 percent from October last year - in line with expectations.

Producer price data are closely watched as an indicator of inflation ahead of the US central bank Federal Reserve's (Fed) interest rate announcement in December, when the market expects a higher key interest rate.