The Producer Price Index report, delayed by the government shutdown, shows that prices ticked up in September. CBS News MoneyWatch correspondent Kelly O'Grady has more.

Seattle

The Bureau of Labor Statistics released the Producer Price Index (PPI) report for September, delayed due to the government shutdown, showing a 0.3% monthly increase in prices, which aligns with economists' expectations. The annual inflation rate edged up to 2.7%, with food and energy prices both rising by over 1% during the month. 

Retail sales for September, also delayed, increased by 0.2%, falling short of the anticipated 0.3%. The Federal Reserve is expected to consider this limited data in its upcoming rate decision, as recent economic reports have been sparse due to the shutdown.

Shutdown-delayed PPI report shows prices ticked up in September

The shutdown-delayed Producer Price Index report shows that prices ticked up again in September. PPI measures the cost fluctuations of goods sold by manufacturers. The Bureau of Labor Statistics said today that prices increased by 0.3 percent on a monthly basis. That's in line with what economists had been expecting for September. The report also shows the annual inflation rate rose slightly to 2.7 percent. Despite this, President Trump praised his administration's efforts today to, quote, make America affordable again. Walmart has fewer items in its basket this year. For more, let's bring in CBS News Money Watch correspondent Kelly O'Grady. OK, so, Kelly, let's talk about PPI. Can you explain again what exactly it is and how we should be reading this report? Yeah, so this is essentially the cost for manufacturers, for producers to make goods. So the idea is what their costs are, they're going to trickle down to you and me eventually when it comes to consumer prices. And so that's why we look at this as sort of an early warning sign of what I might see at the store. So what this showed us is it was in line. It rose 0.3 percent on the month. And then when you strip out food and energy, it actually only rose 0.1 percent. So that was a big beat from what analysts were expecting. That's good news. What it tells you is, yes, prices are rising, but it's nothing runaway. So a couple months down the line, it shouldn't be too bad. The one area that really stuck out to me, though, was food and energy both rose over a percentage point on the month. And that does speak to some of the crunch that people have been feeling at the grocery store and in their utility bill. So the Fed is going to meet in two weeks for their final rate decision of the year. How will this report figure into what they decide? They're going to hang a lot on this, because remember, we haven't gotten a lot of data with the government shutdown. This is going to be one of the pieces, the only pieces they have. They're going to look at this report and say, hey, this is actually pretty good news. It could give them license to cut because there have been some more troubling job data that's come out. But again, the Fed might just go with a wait and see because there is so limited data. And this is from September. It's pretty dated. And so the Commerce Department also released a shutdown delayed report today. It shows retail sales rose by 0.2 percent in September. Is this a hit or a miss? Miss. OK. We were expecting 0.3 percent. Also, remember, retail sales not adjusted for inflation. So part of that growth is just because prices rose a little bit over the month. Now, what I will say is this is a September number. You often see people pull back a little bit before they go out and they hit those Black Friday sales. And we did have a good summer. So this wasn't too concerning. For me, I can tell anything I have to buy. I'm like, OK, I'm going to wait until this week, this weekend. I don't know if it's shy wait Friday, shy wait Monday. That's a topic for another day.

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