BUSINESS + ECONOMY

US wholesale inflation heated up last month amid higher gas prices

Oct 11, 2023, 6:51 AM | Updated: 7:00 am

FILE - A motorist drives near the pumps at a Chevron gas station in Oakland, Calif. Tuesday, April ...

FILE - A motorist drives near the pumps at a Chevron gas station in Oakland, Calif. Tuesday, April 25, 2017. California jury has returned a $63 million verdict against Chevron after finding the oil giant covered up a toxic chemical pit and then sold the land to a man who built a house on it and was later diagnosed with a blood cancer. (AP Photo/Ben Margot, File)
Credit: ASSOCIATED PRESS

(AP Photo/Ben Margot, File)

Minneapolis (CNN) — Wholesale price increases of US goods and services jumped higher for a third consecutive month, a sign that inflation’s path downward remains a bumpy one, according to data released Wednesday by the Bureau of Labor Statistics.

The Producer Price Index, which measures the average price changes that businesses pay to suppliers, rose 2.2% for the 12 months ended in September. On a monthly basis, prices rose 0.5%, a slight cooldown from August’s 0.7% increase.

Economists had projected an annual increase of 1.6% and a monthly uptick of 0.3%, according to Refinitiv consensus estimates.

When stripping out the more volatile components of food and energy, the core PPI rose 2.7% for the month and was up 0.3% for the year.

PPI is a closely watched inflation gauge since it captures average price shifts before they reach consumers and serves as a potential signal for the prices consumers ultimately end up paying.

This story is developing and will be updated.

Related: Utah economy ranked best in US, but taxes still take a bite

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US wholesale inflation heated up last month amid higher gas prices