Wholesale inflation jumped last month by most in four years as gas prices soared

WASHINGTON (AP) — Wholesale inflation rose more than expected last month on a big jump in fuel costs as rising prices become a bigger economic challenge for millions of Americans, and a growing political problem for Republicans in the upcoming midterm elections.

The Labor Department’s producer price index — which captures inflation before it reaches consumers — soared 6.3% in September from a year ago, up from 5.6% in August and the biggest increase since December 2022, the government said Thursday.

On a monthly basis, wholesale prices rose 1.3% from August to September, marking the largest increase since March 2022, after a 0.5% gain the previous month.

Thursday’s data amplify the better-known Read Entire Article