Wholesale prices rose 0.3% in October, putting annual rate at 6.5%, the highest in nearly four years

JUST IN: US wholesale prices rose 0.3% in October, pushing the annual producer inflation rate to 6.5%, the highest in nearly four years.

Producer prices just hit their highest annual rate in nearly four years.

Wholesale inflation rose 0.3 percent in October, which actually came in under forecasts, but the yearly number climbed to 6.5 percent. That's the hottest since November 2022, and remember, the Fed's target is 2 percent. We've now been above it for almost six years.

Goods prices are up over 10 percent on the year, the biggest jump since 2022, and this lands weeks before the Fed meets in December. Markets have fully priced in a quarter point hike, with some betting on a half. Chicago Fed President Austan Goolsbee isn't sugarcoating it. He says inflation is broad, it's not just oil and tariffs, and in his words, it's going the wrong way.

So the central bank that spent years cutting is now hiking into sticky prices. Six years above target, and the trend just turned against them.

This is Sara White, reporting for HIT.