By Alicia Wallace, CNN
(CNN) — US wholesale inflation shot higher in September, soaring to its highest level in more than four years, Bureau of Labor Statistics data showed Thursday.
The Producer Price Index rose 1.3% from August and 6.3% from the year before, according to Bureau of Labor Statistics data. Economists were expecting PPI to increase 0.5% from August and 5.3% annually, according to FactSet.
It’s the fastest monthly increase since March 2022 and the highest annual rate since December 2022, the year when US inflation hit a 40-year high.
PPI serves as a potential bellwether for what consumers could experience in the months to come. Some of the PPI data also feeds into the Personal Consumption Expenditures price index, which is what the Federal Reserve uses for its 2% target rate.
A separate report from the Commerce Department Thursday showed that Americans pulled back on their spending in September.
US retail sales slowed to 0.8% last month after posting a surprisingly strong 1.3% gain in August, according to the latest monthly report from the Commerce Department.
Retail sales data is adjusted for seasonality but not inflation: When factoring in the pace of monthly price hikes (which rose at an unpalatable 0.6% in September), retail sales fell even flatter.
This is a developing story and will be updated.
The-CNN-Wire™ & © 2026 Cable News Network, Inc., a Warner Bros. Discovery Company. All rights reserved.
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