Wholesale prices jumped 6.3% annually in September, biggest gain since 2022
Energy costs drove more than 80% of the goods increase as gasoline prices jumped 20.3%, the Bureau of Labor Statistics said.
- The Labor Department reported Thursday that wholesale inflation surged 1.3% in September, exceeding the 0.6% forecast by economists as energy costs climbed amid the U.S. war with Iran.
- Energy prices drove substantial increases as conflict in the Middle East curtailed oil supply, pushing the PPI to 6.3% annually—its highest rate since December 2022.
- Excluding volatile food and energy, core prices rose 0.7% from August to September, while CPI data confirmed persistent pressures with a 3.7% increase on a 12-month basis.
- Traders are pricing in a nearly 34% likelihood that the Federal Reserve hikes borrowing costs at its meeting later this month, up from under 18% a week prior.
- Retail sales grew 0.8% in September, surpassing the 0.4% anticipated by economists, though the Commerce Department Thursday report noted a slowdown from August's more than 1% gain.
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US producer prices see biggest jump since 2022 in added challenge to Trump
The latest numbers, coming a day after hotter-than-anticipated consumer inflation, underscore the challenges that President Donald Trump faces in cooling prices and winning over cost-weary voters in November's midterm elections. The Producer Price Index was up 6.3 percent from a year ago last month, according to the Labor Department, significantly above the 5.5 percent expected in a forecast published by MarketWatch. The acceleration from August…
Commodity prices rose 2.6% to highest level since records began… Energy surged 10.8%; previous day’s CPI also exceeded expectations… Pressure for further Fed tightening likely to increase. Correspondent Lim Soo-jung = The U.S. September Producer Price Index (PPI)... Energy due to the U.S.-Iran war
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U.S. Producer Prices Surge 6.3% as Energy Costs Drive Biggest Monthly Increase Since 2022
Wholesale inflation accelerated sharply in September, with producer prices rising 1.3% for the month and 6.3% annually, exceeding economists' expectations as surging gasoline and energy ... The post U.S. Producer Prices Surge 6.3% as Energy Costs Drive Biggest Monthly Increase Since 2022 first appeared on [your]NEWS.
US producer prices post largest increase in 4-1/2 years in September
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