WASHINGTON (AP) — Wholesale prices shot up more than expected in September, reflecting higher food and energy costs.
The Labor Department reported Friday that its Producer Price Index, which measures inflation pressures before they reach the consumer, jumped by 1.1 percent in September — more than double what analysts had been expecting.
However, core wholesale prices, which exclude the volatile food and energy categories, were up just 0.1 percent in September, lower than the 0.2 percent rise in August.
Energy prices were up 4.1 percent in September, following a big decline in August, with gasoline prices rising by 8.4 percent, the biggest gain since March.
Food costs surged by 1.5 percent in September.