U.S. producer prices jump 1.3% in September, biggest rise since 2022
The U. S. Labor Department reported that the Producer Price Index increased 1. 3% in September, the largest monthly rise since March 2022, largely because of higher energy prices. The jump added pressure to the administration’s inflation narrative ahead of the November midterm elections. Earlier data from the Bureau of Labor Statistics showed the same 1. 3% month-over-month gain and a 6.
3% year-over-year increase, while retail sales growth slowed. In the same month, the Consumer Price Index rose 0. 6% month-over-month, taking headline inflation to 3. 7% year-over-year and core CPI up 0. 3% month-over-month, 2. 6% year-over-year. Wall Street economists said the producer-price surge could lift core inflation expectations and raise the risk of another Federal Reserve rate hike in the coming weeks.
