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 to levels not seen since 2022, driven by a sharp increase in fuel costs, according to data released by the Labor Department's producer price index. The index, which gauges inflation before it impacts consumers, jumped 6.3 percent in September compared to a year ago, marking the largest increase since December 2022. On a monthly basis, wholesale prices rose 1.3 percent from August to September, the biggest increase since March 2022.
The data highlights the impact of rising fuel prices, particularly for diesel fuel utilized by long-haul trucks and freight trains, on the cost of shipping and warehousing goods. This inflationary pressure is starting to trickle down to food prices, with wholesale food prices increasing 1.2 percent from August to September, though they remain unchanged from a year ago. Despite the overall rise in wholesale prices, food prices have remained a relatively stable cost for consumers this year.
Written by urgent.news from The Korea Times's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
This story
This is one outlet's version. Read the fullest account.
- US wholesale inflation reaches levels last seen in 2022 koreatimes.co.kr
