US Producer Price Index Hits Largest Annual Jump Since 2022

The Bureau of Labor Statistics reported Thursday that the producer price index increased by 6.3% for the year ending in September. This represents the largest annual jump in wholesale prices since 2022.

The monthly index for final demand rose by 1.3%, surpassing Dow Jones consensus estimates of 0.6% for the month and 5.5% for the year. Energy prices drove the majority of the increase, with the energy index spiking 10.8% and crude petroleum rising 28.3% in September alone.

The agency attributed the surge largely to unprocessed energy materials, which saw an 8.4% increase in the index for unprocessed goods for intermediate demand. These figures follow a separate consumer price index report showing a 0.6% monthly increase and a 3.6% annual increase in September.