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Economy

Wholesale inflation hits 6.3% in September, the fastest pace since 2022

U.S. wholesale prices rose 6.3% from a year earlier in September, the largest annual gain since December 2022, as energy costs climbed. The surprise strengthens the case for a Federal Reserve interest-rate increase this month.

By admin Oct. 15, 2026 · 10:56 AM ET 1 min read

An aerial view of a large container shipping port at dusk, with rows of stacked shipping containers and tall cargo cranes silhouetted against an orange sky.
An aerial view of a large container shipping port at dusk, with rows of stacked shipping containers and tall cargo cranes silhouetted against an orange sky.

Prices charged by American producers rose in September at their fastest pace in nearly four years, Labor Department data showed Thursday, adding fresh pressure on the Federal Reserve as it weighs another interest-rate increase.

The producer-price index climbed 1.3% for the month, up from a 0.4% increase in August. That was the index’s largest monthly advance since March 2022 and more than double the 0.6% rise economists polled by The Wall Street Journal had expected. Over the 12 months through September, wholesale inflation reached 6.3%, the fastest annual rate since December 2022.

Fuel storage tanks and metal pipelines at an oil refinery under an overcast sky.

Energy costs drove the increase

Energy prices led the surge, a pattern already visible in the consumer-price data. The Labor Department said Wednesday that consumer inflation ran hotter than expected in September, driven by high energy prices that appeared to be spreading into other parts of the economy. Core prices, which strip out food and energy, also grew faster than anticipated. For background on the consumer side, see our coverage of how inflation climbed to 3.7% in September as gasoline jumped 9.1%.

Industrial machinery and conveyor equipment on a factory assembly line, with workers in hard hats at the edges.

Fed decision looms

The September report adds weight to the argument for the Federal Reserve to raise rates again when its rate-setting committee meets later this month. Fed officials have said in recent weeks that they are keeping an open mind about the future path of interest rates and will let economic data guide their decisions.

A convoy of white delivery trucks driving on a highway at dawn past low warehouse buildings.

“If the September PPI report also surprises to the upside, it could tip the balance toward a hike at the meeting,” Bill Adams, an economist at Fifth Third Commercial Bank, said Wednesday, according to Dow Jones Newswires.

The producer-price index feeds directly into the price index of personal-consumption expenditures, the Fed’s preferred inflation measure, so Thursday’s data will carry into that reading as well.

Reporting based on coverage by Morningstar and Dow Jones Newswires.

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