U.S. producer prices rose by the most in 4½ years in September as costs climbed for both goods and services, the Labor Department said Thursday.
Key components that feed into the Federal Reserve’s preferred inflation gauges also posted fairly large increases, Reuters reported, leading some economists to still expect another rate hike when policymakers meet later this month.
Higher gasoline prices have been a major driver of recent inflation readings and helped retail sales beat forecasts in September even as spending outside fuel looked more moderate.
Hotter wholesale inflation lands three weeks before the midterms, with cost of living already topping voter concerns in national polls.
Sources: Reuters via Devdiscourse. Thee Arizona Times uses AI-assisted reporting reviewed against the sources listed.
Photo: Ferdinand Reus / CC BY-SA 2.0 via Wikimedia Commons.
