U.S. Wholesale Inflation Accelerates to 6.5% Year-over-Year in October, Highest Since November 2022

U.S. wholesale inflation rose 6.5% over the 12 months ended in October—more than double the 2.8% annual pace recorded a year earlier and the steepest 12-month increase since hitting 7.4% in November 2022, according to Bureau of Labor Statistics data.
In September—the most recent month in which both annual benchmarks were published—producer prices increased 6.3% year-over-year compared with 3.7% for consumer prices. No 12-month consumer price reading is available for October because the Bureau of Labor Statistics did not publish an October 2025 Consumer Price Index.
On a seasonally adjusted monthly basis, the Producer Price Index for final demand rose 0.3% in October, cooling from an upwardly revised 1.4% surge in September. However, the core measure excluding food, energy, and trade services advanced 0.5% for the month—matching September’s pace and bringing its 12-month gain to 4.9%.
The report arrives ahead of the Federal Reserve’s Dec. 8–9 policy meeting following its rate hike in September.