Finance
US Wholesale Prices Rise 0.3% in October as Annual Rate Hits 6.5%
Wholesale prices increased by 0.3% in October, bringing the annual rate to 6.5%, which marks the highest level in nearly four years.
The Bureau of Labor Statistics reported that the producer price index rose 0.3% for the month, coming in slightly below the expected 0.4% increase. However, the annual rate accelerated to 6.5%, representing the highest 12-month rate since November 2022. The persistent inflation pressures come ahead of the Federal Reserve's upcoming policy meeting, where markets anticipate an interest rate increase. Policymakers are expressing concern that inflation is becoming more broad-based and entrenched across the economy.
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