Wholesale Inflation Accelerates Amid Rising Energy Costs

The US wholesale inflation rate accelerated in August due to rising energy costs, with prices increasing by 5.4% over the past 12 months.

This marks a 0.6% increase from July's 4.8% and is largely driven by a 4.2% monthly rise in energy prices.

Brent crude oil futures have surged, reaching above $105 a barrel on Thursday for the first time since late May.

The Producer Price Index (PPI) report could complicate the Federal Reserve's efforts to bring inflation down to its 2% target, with investors expecting at least one rate hike before the end of the year.