Wholesale inflation reaches levels last seen in 2022

WASHINGTON (AP) — Wholesale inflation rose more quickly than expected last month on a big jump in fuel costs, a sign that stubbornly rising prices remain an economic challenge for consumers and a political problem for Republicans in the midterm elections. The Labor Department’s producer price index — which captures inflation before it reaches consumers — soared 6.3% in September from a year ago, up from 5.6% in August and the biggest increase since December 2022, the government said Thursday. Thursday’s data amplifies the better-known consumer price index, released Wednesday, which also accelerated in September as gas prices jumped. Both inflation reports raise pressure on inflation-fighters at the Federal Reserve to hike their key interest rate.

Retail sales up 0.8% in September, but a big chunk of spending went to paying gasoline bills

NEW YORK (AP) — Shoppers showed their willingness to spend in September even after a better-than-expected splurge in August. But a big chunk of their spending last month went toward filling the gas tank, according to the Commerce Department’s latest snapshot on retail sales released Thursday. Retail sales increased 0.8% last month, after a 1.3% gain in August, the Commerce Department said. Economists were anticipating a 0.3% increase for the month, according to FactSet. Excluding business at gas stations, retail sales rose 0.2% in September. The government figures aren’t adjusted for inflation, which accelerated last month as gasoline and many other goods and services became more expensive. In fact, business at gas stations rose 6.4%, helped by higher prices at the pump.

Wall Street steadies following jarring drops for AI stocks worldwide

NEW YORK (AP) — Wall Street is steadying following jarring drops for stocks worldwide in the artificial-intelligence industry on worries about how much longer the AI frenzy will last. The S&P 500 rose 0.1% Thursday after erasing an early-morning loss, coming off its worst day since July. The weakness for AI stocks dragged the Nasdaq composite down 0.4% and sent indexes tumbling in Asia earlier in the day. But the Dow Jones Industrial Average rose 406 points as the majority of U.S stocks climbed. Treasury yields eased in the bond market even though another report on inflation came in worse than expected.

Lawyers for Federal Reserve's Lisa Cook say White House hearing set up by Trump is 'biased'

WASHINGTON (AP) — Federal Reserve governor Lisa Cook’s lawyers say that a committee set up by the White House last week to investigate an accusation against her is “demonstrably biased,” though they did not close the door on the possibility that she would appear before the panel. Lawyer Abbe Lowell’s comments are the latest turn in the Trump administration’s extended efforts to fire Cook from her position as one of seven members of the Fed’s board of governors. No president has fired a Fed governor before, a reflection of the Fed’s traditional independence from politics.

BBC asks judge to force Trump to sit for deposition in his own lawsuit against the channel

NEW YORK (AP) — Lawyers for the BBC say that President Donald Trump is trying to delay sitting for a deposition in the defamation case he brought against the British broadcaster until January 2027. In a filing this week, they asked a Florida court to compel the president to appear in the $10 billion case after they say he canceled an agreed-upon date this week, citing “matters of national importance.” Trump, who has a history of avoiding depositions, filed the lawsuit against the BBC last December, seeking $10 billion in damages.

IMF-World Bank meetings draw modest protests in Bangkok over growing inequality

BANGKOK (AP) — Dozens of people have marched in Bangkok, seeking to draw the attention of world financial leaders to poverty, pollution and other grievances during a meeting of the International Monetary Fund and World Bank. Protesters wearing masks of President Donald Trump and other leaders dragged a float of a big pink pig with dollar signs for eyes toward the venue, briefly blocking traffic near the rigorously guarded convention center where more than 15,000 officials and experts were gathered for the IMF's autumn meeting. The protesters were also demonstrating against financial institutions and against what they said were the “vile abuses” of the Thai government and financial institutions.

IMF says African economies performing well despite shocks from the Iran war

BANGKOK (AP) — The head of the International Monetary Fund’s Africa department says African economies have managed to weather the energy crisis brought on by the Iran war. But Zeine Zeidane said Thursday at an IMF and World Bank in Bangkok that a decline in aid has left the continent vulnerable to future shocks. Zeidane says development aid to the continent fell sharply last year and is forecast to fall another 12% this year. Many African nations have enacted reforms to improve economic resilience and are benefiting from surging prices for exports of critical minerals used in advanced technologies such as artificial intelligence. The IMF has urged those countries to use the windfalls wisely and adopt AI to improve competitiveness.

Taiwan chipmaker TSMC explores Texas investment to expand production in the US

HONG KONG (AP) — Taiwan Semiconductor Manufacturing Co. is exploring potential investments in Texas to expand chip production in the U.S. The company says it is open to collaborating with Elon Musk’s planned “Terafab” chip manufacturing complex in Texas. The company made the announcement Thursday while reporting a record profit driven by strong demand for artificial intelligence. TSMC has already pledged $265 billion for plants in Arizona including $100 billion committed in July. For the July-September quarter, the chipmaker reported a record net profit of nearly $24 billion, up 69% from the previous year. TSMC CEO C.C. Wei says the company is working hard to expand its capacity in the U.S. as demand continues to exceed supply.

Inflation worsened last month to 3.7% in sign that prices remain elevated as midterm elections near

WASHINGTON (AP) — U.S. inflation accelerated last month as gas, clothes, and air fares got more expensive, evidence that rising prices remain an economic challenge just a few weeks before the midterm elections. The consumer price index rose 3.7% in September compared with a year ago, the Labor Department said Wednesday, up from 3.4% in August. The figures underscore the lingering impact of the Iran war on gas prices and the stubborn persistence of inflation. The report also raises pressure on the Federal Reserve to raise its key interest rate further to combat inflation.

Social Security recipients to get 3.6% cost of living boost, an average of $75 per month

WASHINGTON (AP) — The Social Security Administration projects a 3.6% cost-of-living adjustment for older adults and people with disabilities starting in 2027. Some recipients say it won't offset rising prices. This adjustment means $75 extra per month for the nearly 72 million Social Security beneficiaries and about 7.3 million Supplemental Security Income recipients. Inflation continues to pressure household budgets and savings, and some older Americans feel the increase isn't enough. The Social Security Administration faces a looming bankruptcy date if a funding shortfall isn't addressed by Congress. Lawmakers have proposed measures to replenish the trust funds, including lifting the payroll tax cap to generate substantial revenue.