U.S. producer prices spiked significantly in September, driven by soaring energy prices stemming from the war in the Middle East.

The U.S. Department of Labor announced on the 15th local time that the Producer Price Index (PPI) for September rose 1.3% compared to the previous month.

This marks the highest increase rate since March 2022 (1.7%), greatly exceeding the expert consensus estimate of 0.6% compiled by Dow Jones.

Compared to the same month last year, prices rose 6.3%, recording the highest increase rate since December 2022.

Often referred to as wholesale prices, the producer price index is accepted as a leading indicator of consumer inflation because it is reflected in final consumer prices with a certain time lag.

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