Wholesale Prices Jump 6.3%

The Producer Price Index jumped more than 1% in September, taking wholesale prices more than 6% higher than a year earlier. The increase was the biggest monthly rise since March 2022 and exceeded economists’ forecasts. The surge comes as the Iran war and limits on oil shipments through the Strait of Hormuz disrupt energy supplies and raise fuel costs. It followed a consumer inflation report showing prices still above the Federal ReserveFederal Reserve Systemcentral banking system of the United States’s target. Energy was the main driver, accounting for more than 80% of the producer-price increase. But core prices also rose, showing pressure beyond fuel. The Federal Reserve is due to decide on interest rates later in October.