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Oil and gas fuels rise: Wholesale inflation accelerated in August as higher oil and gas prices, fueled by renewed fighting in the Middle East, pushed up costs across the economy. Core wholesale prices rose 0.2% for the month and 4.6% from a year earlier, with diesel, shipping, airfares and health care among the biggest increases, while food prices rose only slightly. The data could influence the Federal Reserve’s interest rate decision next week, with economists watching Friday’s consumer inflation report for further signs of whether price pressures are broadening or beginning to cool. The Associated Press has the full story.
Supply still strained: Oil prices climbed above $100 a barrel Thursday as escalating attacks on Gulf shipping and renewed Houthi strikes intensified concerns about Middle East supply disruptions. Brent rose to $105.37 and WTI to $100.13, while physical crude prices and tanker shipping costs surged as flows through the Strait of Hormuz remained severely constrained. The Wall Street Journal has the full story.
Buyers hold back: U.S. existing-home sales fell 2% in August to an annualized 3.98 million, their weakest pace in more than a year, as high mortgage rates continued to discourage buyers. The median home price rose 1.6% from a year earlier to $429,100, while mortgage rates near their highest levels in more than a year kept affordability a major challenge. A brighter spot was increased inventory, with homes for sale reaching a nearly seven-year high and supply climbing to 4.9 months, the highest level in more than a decade. Bloomberg has the full story.
