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Wholesale prices rose more than expected in September despite Federal Reserve efforts to control inflation, according to a report Wednesday from the Bureau of Labor Statistics. The producer price index, a measure of prices that U.S. businesses get for the goods and services they produce, increased 0.4% for the month, compared to the Dow Jones estimate for a 0.2% gain. On a 12-month basis, PPI rose 8.5%, which was a slight deceleration from the 8.7% in August.

A key barometer of inflation on Wednesday showed prices paid to U.S. businesses rose more than expected in September, dashing hopes that the Federal Reserve might be able to take a softer approach to restoring price stability. The producer price index, which tracks prices paid to U.S. businesses for the goods and services they produce, rose 0.4 percent in September, the Department of Labor said. That was twice the monthly gain expected by forecasters. On a 12-month basis, prices are up 8.5 percent. That’s one-tenth of a point more than what economists surveyed by Econoday expected. The index fell by...

The inflation picture does not get any prettier, as the Labor Department reported on Tuesday that producer prices rose at a record pace in November. The 0.8% monthly increase was above expectations of a 0.5% increase. The 9.6% annual rate of increase was the highest for the series dating back to 2010 and above forecasts for a 9.2% rise. The reading on wholesale prices follows last week’s measure of consumer inflation that showed prices rose at an annual rate of 6.8% last month, the fastest pace in nearly 40 years.