The consumer price index, a broad gauge measuring the costs of goods and services across the U.S. economy, increased a seasonally adjusted 0.2% for the month, putting the annual inflation rate at 2.4%. Both readings were 0.1 percentage point above the Dow Jones consensus.

The October report on producer prices comes a day after the Labor Department reported that consumer prices rose 2.6% last month from a year earlier, a sign that inflation at the consumer level might be leveling off after having slowed in September to its slowest pace since 2021.