US wholesale inflation in September (File Photo)
\n\nUS wholesale inflation accelerated sharply in September, reaching its highest annual level since December 2022, as soaring energy costs and a steep jump in gasoline prices pushed producer prices higher, according to data released by the US Bureau of Labour Statistics (BLS) on Thursday.The Producer Price Index (PPI), which measures the prices domestic producers receive for goods and services, climbed 1.3 per cent month-on-month in September. This was its steepest monthly increase since March 2022 and marked a significant acceleration from the previous two months.
\n\nOn a year-on-year basis, producer prices rose 6.3 per cent, highlighting the growing pressure on businesses across the US economy. The latest reading exceeded the annual increases recorded in July and August, pointing to a renewed pickup in wholesale price pressures.
\n\nThe September increase marks a significant development in the US inflation outlook, with the annual rise in producer prices reaching a level last seen in December 2022.
\n\nThe BLS said, "On an unadjusted basis, the index for final demand climbed 6.3 per cent for the 12 months ended in September, the largest 12-month increase since moving up 6.4 per cent in December 2022."
\n\nThe monthly pace of…
Original source: https://www.timesnownews.com/business-economy
