U.S. producer prices rose 6.5% in the year through October, accelerating from 6.3% in September and marking their highest annual increase since November 2022, the Bureau of Labor Statistics reported. The Producer Price Index for final demand increased 0.3% from September, following a 1.4% rise in September and a 0.4% gain in August. Goods prices climbed 0.5% and services prices rose 0.2%, while transportation and warehousing costs accounted for three-quarters of the monthly services increase. Excluding food, energy and trade services, producer prices rose 0.5% for a second consecutive month and were up 4.9% annually. The annual index has increased for three straight months after falling from 5.9% in May to 5.6% in June and 4.9% in July. Economist Heather Long called the data worrying, saying businesses are likely to pass some higher costs to consumers. The figures come after October consumer prices rose 0.4% monthly, with annual CPI inflation at 3.7% in September, while higher gas and diesel prices linked to the Iran war accounted for only part of the producer-price increase.