Wholesale prices jumped 6.3% annually in September, biggest gain since 2022

JUST IN: US wholesale prices jumped 6.3% annually in September, the biggest gain since 2022, far above the 5.5% expected, as the Iran war drives up energy costs.

Wholesale prices just jumped 6.3 percent in a year, the hottest since 2022.

That's September's producer price index, and economists expected 5.5. The monthly number was worse, up 1.3 percent when forecasters pencilled in 0.6. You can see the numbers breaking here. The culprit is no mystery. The war with Iran has choked oil supply, energy costs are surging, and that's now bleeding straight into what companies pay before you ever see a price tag.

And it's not an isolated reading. Wednesday's consumer inflation came in at 3.7 percent annually, also above forecast, and the Fed's own Beige Book just logged more inflation mentions than at any point on record. Retail sales are still growing, but slower than last month.

So producers are paying 2022 prices while the Fed watches a war it can't control set the terms. Whatever you're paying now, the pipeline says it's not the peak.

This is Sara White, reporting for HIT.