The prices paid to U.S. businesses for goods and services rose at the fastest annual pace in nearly four years in September, driven by higher energy costs.
\n\nThe Department of Labor said its producer price index (PPI) for final demand rose 1.3 percent in September. The index is up 6.3 percent from a year ago, the largest 12-month increase since moving up 6.4 percent in December 2022.
\n\nInflation ran much hotter than expected in September. Economists had forecast a 0.5 percent increase for the month and 5.4 percent from a year ago. The prior increase was revised up from 0.4 percent to 0.5 percent for the month and from 5.4 percent to 5.6 percent for the year.
\n\nPrices for final demand goods rose 2.6 percent, the largest increase since the index began to be calculated in 2009. Compared with a year ago, goods prices are up 9.8 percent. Half of the rise in goods prices can be traced to prices for gasoline, which jumped 20.3 percent.
\n\nOver 80 percent of the rise in goods prices can be traced to final demand energy, which jumped 10.8 percent. The index tracking prices of foods rose 1.2 percent from a month earlier. The…
Original source: https://www.breitbart.com/economy/
