The October producer price index rose 6.5%, its largest increase in roughly four years. Despite the size of the increase, the data eased fears that inflationary pressure elsewhere would weigh on consumers’ spending on communications services.
Communications Stocks Rise as Energy Inflation Shows Signs of Easing
Communications-services shares climbed as traders returned to the sector, encouraged by signs that energy inflation may be easing. The move came after October wholesale-price data offered some relief to concerns that broader inflation would curb spending on phone plans and streaming subscriptions.
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