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Wholesale prices jumped in October, driven by more expensive energy and food. The prices soared by the largest amount in more than 14 years.
The Federal Reserve will boost interest rates for a fifth time this year on December 14 to try and hold down inflation.
The Producer Price Index, the well-used statistic which measures the costs of goods before they reach store shelves, jumped about two percent in October, the largest since January 1990.
Wholesale gasoline and home heating oil prices were up by 17 percent for the month. Some heating consumers are seeing up to a 40% increase in their bills.
Wall Street stocks dropped lower after the news.
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