US wholesale prices up 0.3% in October

The Labor Department said today that wholesale prices increased in October. PHOTO CREDIT: Nati Harnik

WASHINGTON — U.S. wholesale prices rose moderately in October as food costs jumped by the largest amount in five months.

The Labor Department reported today that its producer price index, which measures inflation pressures before they reach the consumer, increased 0.3% last month, slightly lower than the 0.4% gain in September.

Food costs rose 2.4%, the biggest increase since a 5.6% surge in May that was tied to shortages caused by the coronavirus pandemic.

The report on wholesale prices followed a report Thursday that retail prices showed no change in October and consumer inflation has risen just 1.2% during the past 12 months.