Shoppers wait in a check-out line at a Costco wholesale store in Orlando, Florida.
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September’s producer price index came in much hotter than economists forecasted on Thursday, underscoring the continued inflationary pressure from energy amid the U.S. war with Iran.
The measure of underlying inflation pressures climbed 1.3% in September and 6.3% on an annual basis, marking its largest 12-month advance since late 2022, according to the Bureau of Labor Statistics.
Economists polled by Dow Jones forecasted an advance of 0.6% on the month and 5.5% annually.
Energy drove a sizable chunk of those increases as the Middle East conflict has curtailed oil supply and sent prices surging. Excluding food, energy and trade, a stripped-down measure of PPI added just 0.5% in September and 5% compared with a year prior.
