Wholesale inflation accelerates more than expected in September
foxbusiness.comFederal Reserve Bank of Chicago President Austan Goolsbee provides insight on the state of the U.S. economy on 'Making Money.'
Inflation at the wholesale level surged more than expected in September, underscoring the challenge of taming price pressures within the economy.
The Labor Department said Wednesday that its Producer Price Index, which measures inflation at the wholesale level before it reaches consumers, climbed 0.5% in September from the previous month. On an annual basis, prices are up 2.2%, the largest increase since April.
Those figures are both higher than the 1.6% headline increase and 0.3% monthly figure forecast by Refinitiv economists.
In another sign that suggests high inflation has been slow to dissipate, core prices – which exclude the more volatile measurements of food and energy – rose 0.3% for the month. That is higher than both the 0.2% estimate and the reading recorded last month. The figure was up 2.2% on a 12-month basis.
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