Market interest rates have risen over the past few months and the 10-year Treasury, often a benchmark for borrowing costs, is now yielding 4.45% – up from 3.6% in mid-September. Mortgage rates have risen about a percentage point to an average of 7% now from early September.

Food price inflation, a major contributor to the wholesale price index, rose by 11.59% annually in October, compared to a 9.47% gain in September.

U.S. wholesale prices rose a bit faster in October and suggested the battle by the Federal Reserve to reduce inflation to low prepandemic levels may last awhile.