Wholesale prices jumped 6.3% annually in September, biggest gain since 2022
Surging energy costs linked to Middle East tensions drove the Producer Price Index to a 6.3% annual increase, according to the Bureau of Labor Statistics.
- 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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U.S. producer prices surged sharply last month. This is attributed to the impact of skyrocketing energy prices caused by the war in the Middle East. The U.S. Department of Labor announced on the 15th (local time) that the Producer Price Index (PPI) for September rose 1.3% from the previous month. This is the highest increase since March 2022 (1.7%). It exceeded the expert forecast of 0.06% compiled by Dow Jones. The Producer Price Index
US producer prices post big gains after consumer price rise
WASHINGTON — Following Tuesday's report on consumer price inflation, the U.S. Labor Department released a separate report on Thursday showing producer prices in the United States shot up by much more than expected in the month of September. The Labor Department said its producer price index for final demand jumped by 1.3 percent in September after rising by an upwardly revised 0.5 percent in August. Economists had expected producer prices to cli…
The increase in the producer price index in the US reflects a significant increase in fuel costs, complicating the economic landscape.The wholesale inflation, which rose by 6.3% annually in September, pressured the Federal Reserve to adjust its monetary policy.
Labor Dept: Wholesale Inflation Soared 6.3% In Sept
The Associated Press reports: Wholesale inflation rose more quickly than expected last month on a big jump in fuel costs, a sign that stubbornly rising prices remain an economic challenge for consumers and a political problem for Republicans in the midterm elections. The Labor Department’s producer price index — which captures inflation before it reaches … The post Labor Dept: Wholesale Inflation Soared 6.3% In Sept appeared first on Joe.My.God..
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