US PPI surges 6.3% in September, biggest monthly jump since 2022

US producer prices rose 6.3% year-on-year in September, well above the 5.3% consensus, with a 1.3% monthly gain—the largest since March 2022—driven by surging energy costs. The data signals persistent upstream inflation that could feed through to consumer prices, complicating the Fed's easing path. Markets will likely price in a higher-for-longer rates scenario, pressuring rate-sensitive assets.