Wholesale prices up whopping 8.6 percent in October

Fibo Quantum

Wholesale prices in the US skyrocketed 8.6 percent last month compared to a year earlier — as inflationary pressures continue to ripple throughout economy, the Labor Department said.

The producer price index — a measure of inflation before it hits consumers — increased 0.6 percent in October from a month earlier.

The rise was mainly due to a surge in gasoline prices.

Withholding food and energy prices, wholesale inflation increased 0.4 percent from September to October.

The 1.2 percent jump in the price of wholesale goods was a driving factor in the increase of producer prices from September to October.

Inflation has returned with a vengeance to the US this year — sparked in part by high demand, labor shortages and supply chain troubles.

The Labor Department on Wednesday will release its consumer price index for last month.

With Post wires

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