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
File - Heinz ketchup is displayed in a Target store in Upper Saint Clair, Pa., on Friday, July 7, 2023. On Wednesday, the Labor Department releases producer prices data for September. .
On a month-to-month basis, producer prices rose 0.5% from August to September, down from 0.7% from July to August.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 slow a still-solid job market. Rubeela Farooqi, chief U.S. economist at High Frequency Economics, said last month’s higher producer prices “likely do not change the outlook for Fed policy. Our baseline remains that rates are at a peak. For the Fed, geopolitical developments will be an additional risk factor which will likely keep policymakers proceeding cautiously going forward.″
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