U.S. wholesale prices rose last month at the fastest pace since April, suggesting that inflationary pressures remain despite a year and a half of higher interest rates.
The Labor Department reported Wednesday that its producer price index — which measures inflation before it hits consumers — climbed 2.2% from a year earlier. That was up from a 2% uptick in August.
Excluding volatile food and energy prices, so-called core inflation rose 2.7% in September from a year earlier and 0.3% from August. The Federal Reserve and many outside economists pay particular attention to core prices as a good signal of where inflation might be headed. Last year, inflation reached highs not seen in four decades, prompting the Fed to raise interest rates aggressively. The central bank has boosted its benchmark rate 11 times since March 2022. Those higher borrowing costs have helped cool inflation and slowThere are growing expectations that the Fed may decide to leave interest rates alone for the rest of the year. On Monday, two Fed officials suggested thatat its next meeting in three weeks, helping touch off a rally in bonds and stocks.
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