US wholesale inflation is now more than double what it was a year ago. Producer prices rose 6.5% over the year to October, up from 2.8% a year earlier. That is the largest 12-month rise since November 2022, when it hit 7.4%. In September, the last month both annual rates were published, producer prices rose 6.3% against 3.7% for consumer prices. There is no 12-month consumer figure for October, because BLS never published the October 2025 consumer price index. Month to month, seasonally adjusted, producer prices rose 0.3% in October, down from a revised 1.4%. But the measure that strips out food, energy and trade services rose 0.5%, the same as in September. The Fed meets December 8 and 9, after raising rates in September.