WASHINGTON (AP) — U.S. wholesale prices rose by the most in six years last month, led higher by more expensive gas, food, and chemicals.
The Labor Department says the producer price index — which measures price increases before they reach the consumer — leapt 0.6 percent in October, after a smaller 0.2 percent rise in September. Producer prices increased 2.9 percent from a year earlier.
Excluding the volatile food and energy categories, core wholesale prices rose 0.5 percent in October and 2.6 percent from a year earlier.
Despite last month’s increase, the figures suggest inflation pressures are mostly in check. During the summer, producer prices rose more than 3 percent from a year earlier. And oil prices declined in October and are likely to lower gas costs in the coming months.