US producer prices post biggest monthly jump since 2022 on energy costs

US producer prices surged 1.3% in September, the largest monthly jump since March 2022, driven by higher energy costs. The annual rate reached 6.3%, with both figures exceeding all economist estimates. Core producer prices, excluding food and energy, rose 0.7% monthly and 5% annually, also beating forecasts. Energy prices climbed 10.8%, while transportation and warehousing costs advanced 3.4%, suggesting the energy shock may be spreading to other goods and services. The report likely keeps the Federal Reserve on track for further interest-rate increases, especially after consumer prices also rose faster than expected in September. Separate data showed retail sales beat forecasts, and New York factory activity hit its strongest level in nearly five years.