US Wholesale Inflation Surges in September

U.S. wholesale prices rose 1.3% in September from August and 6.3% year over year, the largest annual increase since December 2022 and the sharpest monthly gain since March 2022. Energy prices climbed about 11% during the month, while transportation, goods and some services also became more expensive. The data followed consumer prices rising 3.7% year over year, adding to concerns about household affordability and whether businesses will pass higher costs on to shoppers during the holiday season. The hotter-than-expected wholesale inflation report may complicate Federal Reserve rate decisions; traders largely expected rates to hold at the next meeting but priced in a possible increase in December.