Coming In Hot: Producer Price Index is double the expectation
The latest read on inflation came in hot. The Producer Price Index jumped 0.4 percent in September, which is double the expectation.
Wholesale inflation is 8.5 percent higher on the year. Food costs dominated the index, with prices a stunning 11.9 percent higher on the year.
The Producer Price Index measures prices before they are passed onto the consumer. Today’s numbers likely mean the Federal Reserve will not stop hiking interest rates.