Gas prices were higher in September because of the high cost of oil.
The producer price index , which measures wholesale prices, spiked higher than anticipated Wednesday on the back of high energy prices, Bureau of Labor Statistics data showed.The PPI jumped 0.5 percent in September, slightly higher than the 0.3 percent economists polled by Reuters expected. For the year, prices jumped 2.2 percent, 'the largest increase since moving up 2.3 percent for the 12 months ended in April,' the BLS said.
The rise in energy prices affected wholesale inflation, accelerating the PPI by 4.8 percent in the third quarter on an annual basis, compared with a 1.3 percent decrease in the previous quarter, Matthew Martin, U.S. economist for Oxford Economics, pointed out.'While we would expect the Fed to look past volatility in the energy market, less encouraging is the pickup in core services momentum,' Martin wrote in reaction to the PPI news.
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