Market Updates
Wholesale Prices Jumped 8.5% in September
Brian Turner
12 Oct, 2022
New York City
The producer price index increased 0.4% in September from the previous month and rose 8.5% from a year ago, the Bureau of Labor Statistics reported Wednesday.
Much of the inflation in the month was driven by 0.4% rise in service costs and travel and accommodation services jumped 6.4%.
Cost of goods rose 0.4% driven by a 15.7% jump in the index for fresh and dry vegetables.
The wholesale inflation, excluding food, energy and trade services increased 0.4% from August and jumped 5.6% from a year ago.
The elevated producer price is likely to provide another reason for the Fed to continue its large-sized rate hike at its next meeting scheduled in three weeks.
Closely watched consumer price index is scheduled to be released on Thursday.
The Federal Reserve has raised rates five times in the last six months yet there is no progress on inflation.
The Fed is widely expected to lift rates by 75 basis points at the next policy meeting ending on November 2.
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