Wholesale prices in the US rise 6.3% year over year
Wholesale prices in the US jumped 6.3% over the past year, marking the sharpest rise since December 2022.
Much of this increase came from higher energy costs, including a more than 20% surge in wholesale gas prices from August to September, which pushed up costs for businesses and could mean higher prices for everyone soon.
Other business costs rise 0.7% monthly
Gas prices soared by more than 20% just from August to September, with electricity also getting pricier.
Even when you leave out food and energy, other business costs still climbed steadily, up 0.7% for the month and 5% over the year, showing that inflation is sticking around across different parts of the economy.
Federal Reserve move eyed late October
With inflation running hot, all eyes are on the Federal Reserve's next move in late October as it tries to get price increases back under control.