News about price index

U.S. producer prices (PPI) rose 6.3% year-over-year in September, up from 5.6% in August and the biggest increase since December 2022, according to the Labor Department. On a monthly basis, wholesale prices climbed 1.3%, the largest gain since March 2022, driven mainly by higher fuel costs, especially diesel used by long-haul trucks and freight trains. Transportation and warehousing prices were up 16% from a year earlier, which could push up food prices. AAA put the average diesel price at $6.32 a gallon, up from $3.66 a year ago. The inflation data increases pressure on the Federal Reserve to raise interest rates, while inflation-adjusted average weekly paychecks fell year-over-year for the first time since May.