U.S. producer prices jumped 1.3% month over month in September, more than double the 0.5% pace economists expected, according to Bureau of Labor Statistics data released Thursday.

On an annual basis, headline producer inflation came in at 6.3%, sharply above the consensus estimate of 5.3%.

The outcome marks the highest annual producer inflation rate since December 2022.

Core producer prices, which exclude food and energy, rose 0.7% on the month versus 0.3% expected, while the annual core rate came in at 5%, well above the 4.4% forecast.

The data follows Wednesday’s September consumer price index report, which showed headline inflation accelerating to 3.7% from 3.4%, above the expected 3.6%, while core consumer prices rose 0.3% on the month and 2.6% on the year, both a tenth above forecasts.

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