U.S. producer prices were unchanged in September as a modest rise in the cost of services was offset by cheaper goods, pointing to a still-favorable inflation outlook and supporting views that the Federal Reserve would cut interest rates again next month.

The producer-price index was unchanged from a month earlier and came in below the 0.1% increase economists had expected. Over the past 12 months, producer prices have risen by 1.8%.

U.S. producer prices were unchanged in September as a small rise in the cost of services was offset by cheaper goods, pointing to a still-favorable inflation outlook and supporting views that the Federal Reserve would cut interest rates again next month.