Wholesale prices soar at fastest pace since 2022
Summary
Wholesale prices in the U.S. rose quickly in September, mainly because fuel costs went up a lot. This increase was the fastest monthly rise since March 2022 and is linked to higher costs for businesses that could affect consumers soon.Key Facts
- Producer prices increased by 1.3% in September, more than double August’s rate.
- This was the largest monthly rise in wholesale prices since March 2022.
- Energy wholesale prices went up over 10% in September compared to August.
- Diesel fuel prices rose to $6.31 a gallon, up about 66% since February due to the Iran war.
- Overall wholesale prices climbed 6.3% in the year ending September, the biggest annual rise since December 2022.
- Consumer prices also increased, with overall inflation rising to 3.7% year over year in September.
- Gasoline price increases accounted for more than half of the consumer price rise in September.
- Food prices remained steady, showing no increase from August to September.
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