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US wholesale inflation heated up last month amid higher gas prices

2023-10-11 20:52
Wholesale price increases of US goods and services jumped higher for a third consecutive month, a sign that inflation's path downward remains a bumpy one, according to data released Wednesday by the Bureau of Labor Statistics.
US wholesale inflation heated up last month amid higher gas prices

Wholesale price increases of US goods and services jumped higher for a third consecutive month, a sign that inflation's path downward remains a bumpy one, according to data released Wednesday by the Bureau of Labor Statistics.

The Producer Price Index, which measures the average price changes that businesses pay to suppliers, rose 2.2% for the 12 months ended in September. On a monthly basis, prices rose 0.5%, a slight cooldown from August's 0.7% increase.

Economists had projected an annual increase of 1.6% and a monthly uptick of 0.3%, according to Refinitiv consensus estimates.

When stripping out the more volatile components of food and energy, the core PPI rose 2.7% for the month and was up 0.3% for the year.

PPI is a closely watched inflation gauge since it captures average price shifts before they reach consumers and serves as a potential signal for the prices consumers ultimately end up paying.

This story is developing and will be updated.