Inflation at the wholesale level surged more than expected in September, reversing previous declines as consumers continued to grapple with the rising cost of everyday goods.
The Labor Department said Wednesday that its Producer Price Index, which measures inflation at the wholesale level before it reaches consumers, climbed XXX% in September from the previous month. On an annual basis, prices are up 1.6%.
Those figures are both higher than the 1.6% headline increase and 0.3% monthly figure forecast by Refinitiv economists.
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