Wholesale inflation hits four-year high as fuel costs surge

Wholesale inflation jumped 6.3% in September from a year earlier, the largest increase since December 2022, driven by soaring fuel costs, according to Labor Department data released Thursday. The producer price index rose 1.3% from August to September, the biggest monthly gain since March 2022, after a 0.5% increase the prior month. Core prices, excluding food and energy, rose 0.7% monthly and 5% annually, up from 4.6% in August. The data follows Wednesday's consumer price index report, which also accelerated as gas prices jumped. Both reports increase pressure on the Federal Reserve to raise its key interest rate, as inflation has exceeded the central bank's 2% target for five and a half years.