Wholesale prices rose 0.3% in October, putting annual rate at 6.5%, the highest in nearly four years

Wholesale prices rose by less than forecast in October, but the annual increase accelerated to its highest level in nearly four years. The figures reinforce concerns that inflation remains persistent ahead of the Federal Reserve’s December meeting, where markets expect an interest rate rise.

The producer price index increased 0.3% during the month, while the measure excluding food and energy also rose 0.3%. Headline prices were up 6.5% year on year, and goods prices climbed 10.2%, their steepest annual rise since October 2022. Prices for producer goods excluding food and energy fell 0.1% in October, while freight transport costs rose 3.9%.