US wholesale inflation hits four-year high of 6.3% in September as gas prices surge
The US Labor Department reported a 6.3% rise in the producer price index (PPI) for September, the highest since December 2022, driven by a surge in gas prices. Month-on-month, wholesale prices increased by 1.3%, the largest gain since March 2022. Persistent inflation continues to impact consumer purchasing power and sentiment, with average weekly paychecks declining year-over-year.