Wholesale inflation accelerated sharply in September as higher fuel costs and rising prices across goods and services pushed producer prices to their largest annual increase since December 2022, according to Labor Department data released Thursday. The latest figures add to concerns about persistent inflation and the cost pressures facing American businesses and consumers.

The Producer Price Index (PPI), which measures price changes received by producers before costs reach consumers, rose 6.3% compared with September of last year, up from 5.6% in August. On a monthly basis, wholesale prices climbed 1.3% from August to September, the largest increase since March 2022, following a 0.5% rise the previous month.

The report followed the release of September’s Consumer Price Index on Wednesday, which also showed inflation accelerating as gasoline prices increased. Together, the two reports indicate that price pressures remain widespread across the economy, complicating efforts to bring inflation under control.

Core producer prices, which exclude the more volatile food and energy categories, also rose significantly. Core prices increased 0.7% from August to September, compared with a 0.2% increase in the previous month. On an annual basis, core prices rose 5%, up from 4.6% in August.

The persistent inflation comes as the Federal Reserve continues to face pressure to bring price growth back to its 2% target. Inflation has remained above that goal for five and a half years, leaving policymakers weighing the risk of keeping interest rates elevated against the potential consequences for economic growth.

The latest figures also carry political implications as Republicans approach the midterm elections, with inflation and household affordability remaining key concerns for voters. Rising production costs can put additional pressure on businesses, potentially leading to higher prices for consumers.