US wholesale inflation reaches levels last seen in 2022
WASHINGTON — Wholesale inflation rose more than expected last month on a big jump in fuel costs as rising prices become a bigger economic challenge for millions of Americans, and a growing political problem for Republicans in the upcoming midterm elections. The Labor Department’s producer price index — which captures inflation before it reaches consumers — soared 6.3 percent in September from a…
Wholesale inflation surged unexpectedly last month, driven by a significant increase in fuel costs, according to government data released on Thursday. The Labor Department's producer price index climbed 6.3 percent in September compared to a year ago, surpassing the 5.6 percent rise seen in August. This marked the largest increase since December 2022. On a monthly basis, wholesale prices jumped 1.3 percent from August to September, the highest monthly increase since March 2022.
The data suggests that rising fuel prices, particularly for diesel fuel consumed by long-haul trucks and freight trains, are causing transport costs to soar. This is starting to push up the cost of shipping and warehousing goods, potentially lifting the price of food, an area where prices had previously cooled. Wholesale food prices increased 1.2 percent from August to September, although they remain unchanged from a year ago.
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- US wholesale inflation reaches levels last seen in 2022 koreatimes.co.kr
