US Wholesale Prices Reach Record High Last October

Wholesale prices in the United States rose the highest in 11 years as rapid inflation persists in the world’s largest economy.

Wholesale prices went up 0.6 percent in October, amounting to an 8.6 percent increase on an annual basis, according to the U.S. Labor Department’s latest producer price index.

The October index, which measures the prices that businesses take for their goods and services, matched the annual increase in September. The figure was the highest increase since 2010.

A large part of the increase was pushed by a 4.8 percent surge in the wholesale prices of energy. Prices of gasoline, other fuels and raw materials also moved higher.

Energy prices have been surging globally due to fuel shortages and is expected to continue rising as the northern hemisphere enters winter season.

The month-over-month increase without the volatile items such as food and energy was already at 0.4 percent, while the year-on-year core prices moved up 6.2 percent.

The U.S. Energy Information Agency had warned Americans last month that the winter will bring a sharp rise in their heating bills.

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