US Wholesale Inflation Reaches 6.3% as Energy Prices Surge

U.S. producer prices increased 1.3% in September from the previous month and 6.3% from a year earlier, according to figures released Oct. 15. Both readings were substantially higher than forecasts.

Energy costs drove the rise in wholesale inflation, with gasoline prices jumping 20.3% over the month.

Despite successive inflation surprises, traders on prediction platform Polymarket assigned a 72% probability to the Federal Reserve keeping interest rates unchanged. The pricing reflected expectations of a hold even as inflation remained a challenge for policymakers.