U.S. producer prices jump 1.3% in September as energy and gasoline costs surge
The producer price index rose 1.3% in September, driven by a 10.8% increase in energy prices and a 20.3% jump in gasoline.
The BLS said the September producer price index advanced 1.3% from August, the strongest monthly gain since March 2022. Over the past year, final-demand prices rose 6.3%, the biggest 12-month increase since December 2022, driven largely by energy, which contributed more than 80% of the goods price rise. Energy costs surged 10.8%, and gasoline prices jumped 20.3%, representing half of the overall goods increase.
Food prices edged up 1.2%, whereas chicken egg prices dropped 39.7%. Service prices grew 0.8%, with notable gains in trade, transportation and warehousing. Economists had expected a 0.6% monthly rise and a 5.5% annual increase.
How this was covered
- The two sides describe this in almost entirely different words
Why it matters
Rising producer prices indicate growing inflation pressure that could affect consumer costs and Fed policy.
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