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US wholesale prices rise 6.3% in September
Wholesale prices in the United States rose by 6.3% year-over-year in September, marking the largest increase since 2022. The surge is attributed to rising energy costs driven by geopolitical tensions, particularly the U.S.-Iran war and conflicts in the Middle East. Additionally, the core inflation index increased by 1.3% month-to-month, reaching a total of 6.3% annually, influenced by higher oil prices and their derivatives, which led to increased costs for manufactured goods. This occurred alongside a 0.8% rise in retail sales and a 3.7% increase in the consumer price index, raising the probability that the Federal Reserve will raise interest rates at its upcoming meeting to around 34%. The data suggest that the central bank may need to continue tightening monetary policy for some time to ensure market stability, amid ongoing inflationary pressures and the risks of energy prices deteriorating.
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