The producer price index climbed 1.3% in September and 6.3% on an annual basis, marking its largest 12-month advance since late 2022, according to the Bureau of Labor Statistics. Economists polled by Dow Jones had forecasted an advance of 0.6% on the month and 5.5% annually. Energy, whose supply has been disrupted by the U.S. conflict with Iran in the Middle East, drove a sizable chunk of those increases. The consumer price index simultaneously rose 0.6% month-over-month and 3.7% year-over-year. This week’s Beige Book from the Federal Reserve contained the highest number of mentions of inflation-related terms on record, according to an analysis from Bespoke Investment Group.
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