Producer prices rose 1.3% in September, the largest monthly gain since March 2022

The index rose 0.5% in August and 0.2% in July, the agency said. The March 2022 increase was 1.7%. On an unadjusted basis, final demand prices rose 6.3% in the 12 months ended in September, the largest 12-month increase since December 2022, when the figure was 6.4%.

Prices for final demand goods rose 2.6%, the largest increase since the agency began calculating the data in December 2009. Energy was by far the dominant driver, accounting for more than 80% of the goods increase, with energy prices surging 10.8%. Gasoline prices jumped 20.3%, and half of the increase in goods prices traced to gasoline. Food prices rose 1.2%, and goods excluding food and energy rose 0.3%. Chicken egg prices dropped 39.7%.

Prices for final demand services rose 0.8%. Margins for trade services increased 1.4%, and transportation and warehousing services rose 3.4%. Margins for machinery and vehicle wholesaling advanced 3.9%, while margins for automotive fuels and lubricants retailing fell 30.3%.

Final demand excluding foods, energy and trade services rose 0.5% in September after a 0.3% gain in August. That measure was up 5.0% from a year earlier.

Economists surveyed by Dow Jones had forecast a 0.6% monthly increase and a 5.5% annual increase, according to CNBC.

Price increases were broad-based within intermediate demand, the BLS said. Prices for processed goods rose 2.5%, unprocessed goods rose 8.4% and services rose 0.9%. Crude petroleum prices jumped 28.3%, and diesel fuel prices rose 21.0% in the processed goods category.

An airfare index within the report climbed 5% for the month, according to Bloomberg. The Bureau of Economic Analysis is set to release its September personal consumption expenditures price figures on Oct. 29, Bloomberg reported.

The BLS is scheduled to publish the October producer price index report on Nov. 13 at 8:30 a.m. ET.