(fxcue news) - After yesterday's consumer price inflation data matched expectations, the Labor Department released a separate report on Thursday showing producer prices in the U.S. also increased in line with economist estimates in the month of October. The Labor Department said its producer price index for final demand rose by 0.2 percent in October following a revised 0.1 percent uptick in September. Economists had expected producer prices to rise by 0.2 percent compared to the unchanged reading originally reported for the previous month. Meanwhile, the report said the annual rate of growth by producer prices accelerated to 2.4 percent in October from an upwardly revised 1.9 percent in September. The annual rate of producer price growth was expected to accelerate to 2.3 percent from the 1.8 percent originally reported for the previous month. The modest monthly increase by producer prices was largely due to higher prices for services, which climbed by 0.3 percent in October after rising by 0.2 percent in September. The Labor Department said over three-fourths of the advance by prices for services was due to a 0.3 percent increase by prices for services less trade, transportation, and warehousing. Prices for portfolio management surged by 3.6 percent. Prices for transportation and warehousing services also climbed by 0.5 percent, while prices for trade services inched up by 0.1 percent. Meanwhile, the report said energy prices fell by 0.3 percent in October after tumbling by 2.8 percent in September, while food prices dipped by 0.2 percent in October after jumping by 1.0 percent in September. Prices for goods still crept up by 0.1 percent due in large part to an 8.4 percent spike by prices for carbon steel scrap. Excluding prices for food, energy and trade services, core producer prices rose by 0.3 percent in October after inching up by 0.1 percent in September. The annual rate of growth by core producer prices accelerated to 3.5 percent in October from 3.3 percent in September. "A rise in the headline and core PPI indices won't dampen percolating fears of a higher inflation environment after Wednesday's CPI report," said Nationwide Financial Markets Economist Oren Klachkin. "And yet while they highlight upside risks to our inflation call, the latest data don't completely disrupt the disinflation narrative. We're vigilant for bumps ahead," he added. "PPI won't decisively alter the Fed's easing bias, but it makes charting the policy outlook murkier." A separate report released by the Labor Department on Wednesday showed consumer prices in the U.S. rose in line with economist estimates in the month of October. The Labor Department said its consumer price index crept up by 0.2 percent in October, matching the upticks seen in each of the three previous months as well as expectations. The report also said the annual rate of consumer price growth accelerated to 2.6 percent in October from 2.4 percent in September. The faster growth also came in line with economist estimates. Excluding food and energy prices, core consumer prices climbed by 0.3 percent in October, matching the increases seen in each of the two previous months along with expectations. The annual rate of core consumer price growth was unchanged from the previous month at 3.3 percent, which was also in line with estimates.