US producer prices rose 1.3 percent in September, the fastest monthly gain since March 2022.

Prices were up 6.3 percent from a year earlier, the highest annual rate since December 2022.

Economists had expected 0.6 percent on the month and 5.5 percent over the year.

Energy drove the jump, with its sub-index soaring a record 10.8 percent.

Final demand goods prices rose 2.65 percent, the largest increase on record for the series.

The data came a day after consumer inflation came in hotter than expected at 3.7 percent.

The odds of further Federal Reserve rate hikes to tame inflation have climbed.

Read the full article for more details on the US producer price jump.