US wholesale prices rise in latest sign of stubborn inflation as oil prices continue to climb

Wholesale inflation picked up last month after cooling earlier this summer as higher oil and gas prices stemming from the Iran war are keeping costs elevated WASHINGTON -- Wholesale inflation picked up last month after cooling earlier this summer as higher oil and gas prices stemming from the Iran war are keeping costs elevated. The Labor Department’s producer price index — which captures inflation before it reaches consumers — rose 5.4% in August from a year ago, up from 4.7% in July , the government said Thursday. Annual wholesale inflation peaked this year at 5.9% in May after the Iran conflict raised energy costs. On a monthly basis, wholesale prices increased 0.4% from July to August, after a 0.1% increase the previous month. Inflation has shown some signs of easing in recent months but is still high , frustrating consumers who are struggling with more expensive gas, groceries, clothing and other essentials.

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