Wholesale inflation jumps in September, a day after consumer prices rose 3.7%

Wholesale inflation rose more quickly than expected last month, driven by a big jump in fuel costs, ABC News reports. ABC says it was the largest increase in four years. It describes the figures as a challenge for consumers and a political problem for Republicans ahead of the midterm elections.

The wholesale data follows Wednesday's consumer price report. The Bureau of Labor Statistics said prices rose 3.7% in September from a year earlier. Several outlets, including BBC News and CBS News, said that was higher than economists expected. The Guardian says it is the highest annual rate since the spring.

Outlets blame energy for the rise. BBC News cites motor fuel costs, and NBC News cites gas and diesel. CNBC attributes the gasoline and energy increases largely to the Iran war. CBS reports gas prices jumped 9% from August to September. NBC says inflation picked up after three months of largely flat readings.

CBS News reports President Trump insisted inflation is low and looked for positives in the data. CBS also reports the Dow closed lower after the consumer report. Patrick De Haan, head of petroleum analysis at GasBuddy, told CBS the average diesel price is likely to break its all-time record in October.

NPR reports the Social Security Administration said benefits will rise next year to keep pace with the cost of living. The Guardian notes this was the last inflation report before the midterms and says polls show widespread dissatisfaction with the Trump administration over costs.