Wholesale Inflation Jump More Than Expected

WASHINGTON (AP) — Wholesale inflation rose more quickly than expected last month on a big jump in fuel costs, a sign that stubbornly rising prices remain an economic challenge for consumers and a political problem for Republicans in the midterm elections. The Labor Department’s producer price index — which captures inflation before it reaches consumers — soared 6.3% in September from a year ago, up from 5.6% in August and the biggest increase since December 2022, the government said Thursday. Thursday’s data amplifies the better-known consumer price index, released Wednesday, which also accelerated in September as gas prices jumped. Both inflation reports raise pressure on the inflation-fighters at the Federal Reserve to hike their key interest rate.