US wholesale inflation hits highest annual rate since 2022

U.S. wholesale inflation accelerated to a 6.5% annual rate in October, its fastest pace since 2022, as energy, food, transportation and warehousing costs added to price pressures; the monthly increase was 0.3%. The report comes amid firm consumer inflation and expectations that the Federal Reserve may raise interest rates in December. Wholesale and producer prices also rose in Switzerland, where the combined index gained 0.9% in October both month over month and year over year, and in Germany, where wholesale prices climbed 8.8% annually, led by petroleum products and agricultural goods.