PPI: U.S. wholesale prices rose 0.5% in September behind rising fuel prices
Oct. 11 (UPI) -- U.S. wholesale prices rose in September, according to data from the Bureau of Labor Statistics released Wednesday.
Wholesale inflation as measured by the Producer Price Index rose by 0.5% in September, down from increases of 0.7% in August and 0.6% in July, the report stated.
Core PPI, which excludes food and energy was up 0.3%.
Headline PPI rose 2.2% since April 2022 its largest increase since rising 2.3% year-over-year in April.
The BLS said more than 40% of the PPI September increase for final demand goods can be traced to a 5.4% rise in gasoline prices.
Wholesale price hikes also happened for jet fuel, processed young chickens, meats, electric power, and diesel fuel.
Drops were seen in fresh and dry vegetables, wood pulp and utility natural gas.
The wholesale PPI prices for goods were up 0.9% in September. For services September prices were up 0.3%.
The BLS said a 2.4% jump in prices for processed energy goods was largely behind the rise in processed goods prices.
Additionally, the index for processed foods and feeds moved up 1.1%, while prices for processed materials less foods and energy were unchanged and the index for processed goods for intermediate demand fell 3.7% for the 12-month period ending in September.
On the services side, the BLS said a 13.9% price jump for deposit services was a major factor in September services prices overall.
Within the services category, higher prices were noted for machinery, equipment, parts, and supplies wholesaling; health, beauty, and optical goods retailing. Traveler accommodation services; outpatient care (partial); and application software publishing prices also moved higher.
