US producer prices accelerated sharply in September as soaring gasoline costs added to inflationary pressure, while British Chancellor John Healey defended the banking sector ahead of the UK government’s upcoming budget.
The US Producer Price Index (PPI) rose 6.3% year-on-year and 1.2% from August, marking its largest annual increase since December 2022. Goods prices climbed 2.6% in September, their biggest monthly increase since records began in December 2009. Gasoline prices surged 20.3%, while egg prices fell 39.7%. Core producer inflation, excluding food, energy and trade services, reached 5%.
The figures raise concerns that higher energy costs linked to the Iran conflict could feed into consumer prices and influence Federal Reserve interest-rate decisions.
At the International Monetary Fund’s annual meetings in Bangkok, Healey described banks as part of the “jewel in the crown” of the British economy, stressing their contribution to national growth. He declined to disclose possible budget measures but pledged to maintain fiscal rules, protect economic resilience and explore additional military, diplomatic and economic support for Ukraine.
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Elsewhere, the European Union prepared to seek stronger measures against its €360 billion trade deficit with China in 2025. The bloc also agreed to limit Chinese hybrid-car exports to 350,000 vehicles annually, while European leaders considered additional protections for industries including chemicals, plastics and machinery.
Meanwhile, Bain & Company forecast UK pre-Christmas retail sales would rise 3.5% in November and December, although inflation was expected to account for about half the increase.
The developments highlight mounting pressure on policymakers as energy costs, trade imbalances and inflation shape business conditions across major economies.
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