Surging diesel prices pushed US producer inflation above expectations in September, and those costs are likely to reach consumers in the weeks and months ahead. Truck freight costs rose 19% year over year, the most in just over four years, and are responding faster than they did after the COVID-19 pandemic, supported by robust demand with the jobless rate at 4.2%. In farming, food input costs at early supply-chain stages climbed 15.6% from a year earlier, while feed products such as corn, hay and oilseeds rose more than 25%, and Oxford Economics expects food inflation to pick up later this year. Producer prices for manufacturing materials are rising at double-digit annual rates, and toy prices posted their biggest monthly rise on record in September, which could make the holiday season costlier.
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