Wholesale inflation rises more than expected in September, with prices jumping 8.5%

Inflation at the wholesale level rose more than expected in September as prices for everyday necessities remain at a multi-decade high, squeezing businesses and millions of American households.

The Labor Department said Wednesday that its producer price index, which measures inflation at the wholesale level before it reaches consumers, rose 0.4% in September from the previous month. On an annual basis, prices soared 8.5%. That is down from the 8.7% recorded in August and marks the lowest reading since July 2021.

Still, those figures were both higher than the 8.3% headline figure...