spot_imgspot_img

Rising gas prices drive producer price increases, inflation in September

(The Center Square) – Producer prices rose more than expected in the month of September.

The U.S. Bureau of Labor Statistics released its Producer Price Index, a key marker of inflation that tracks the cost of producer goods and services, which found that those prices rose 0.5% in September alone.

“The indexes for machinery, equipment, parts, and supplies wholesaling; health, beauty, and optical goods retailing; traveler accommodation services; outpatient care (partial); and application software publishing also moved higher,” BLS said. “In contrast, prices for airline passenger services fell 2.1 percent. The indexes for automobile retailing (partial) and for bundled wired telecommunications access services also decreased.”

An increase in gas prices helped drive the PPI rise.

“Over 40 percent of the September increase in prices for final demand goods can be traced to a 5.4-percent rise in the index for gasoline,” BLS said. “Prices for jet fuel, processed young chickens, meats, electric power, and diesel fuel also advanced. In contrast, the index for fresh and dry vegetables declined 13.9 percent. Prices for wood pulp and for utility natural gas also fell.”

Inflation soared in the beginning of the Biden administration, making a range of goods and services more expensive for Americans. In 2023, that inflation slowed, raising hopes that the price spikes were over. The last two months, though, inflation has risen again, raising questions about whether prices will keep rising.

The war between Israel and the terrorist group, Hamas, could further drive up oil prices especially if other world powers get involved, which would also drive up gas prices.

DON’T MISS OUT

Be the first to know about the latest news, giveaways, events, and updates from The Black Chronicle!

We don’t spam! Read our privacy policy for more info.

spot_imgspot_img
spot_img

Hot this week

African and Caribbean Nations Call for Reparations for Slave Trade, Propose Global Fund

Nations across Africa and the Caribbean, deeply impacted by...

Health care company agrees to pay $22.5 million to settle claims of over billing

A health care company agreed to pay nearly $22.5...

Sports betting expert offers advice on paying taxes for gambling winnings

(The Center Square) – Tax season is underway, and...

Entertainment district benefits don’t outweigh the cost, economists say

(The Center Square) — Weeks later, after more details...

Business association ‘disappointed’ by WA L&I’s proposed workers comp rate hike

(The Center Square) – The Association of Washington Business...

Browns will move to Brook Park, Cleveland mayor says

(The Center Square) – The Cleveland Browns plan to...

Environmental agency suggests monitoring systems to detect air pollution

(The Center Square) — The Community Air Monitoring and...

Ruling on Illinois’ gun ban expected sometime after Monday

(The Center Square) – A ruling on whether Illinois’...

Nearly $10M spent in U.S. House District 14

(The Center Square) – In Georgia’s 14th Congressional District,...

Colorado lawmakers oppose increased federal control over National Guard

(The Center Square) - A bipartisan group of 124...

Lawmaker flags Sedona firearms ordinance ‘enforceability’

(The Center Square) – Arizona Rep. Quang Nguyen, R-Prescott...

Arizona tutoring program available until end of school year

(The Center Square) – The Arizona Department of Education's...

More like this
Related

Browns will move to Brook Park, Cleveland mayor says

(The Center Square) – The Cleveland Browns plan to...

Environmental agency suggests monitoring systems to detect air pollution

(The Center Square) — The Community Air Monitoring and...

Ruling on Illinois’ gun ban expected sometime after Monday

(The Center Square) – A ruling on whether Illinois’...

Nearly $10M spent in U.S. House District 14

(The Center Square) – In Georgia’s 14th Congressional District,...