The Producer Price Index (PPI), which measures inflation on the wholesale level, increased by 0.5% in September, coming in hotter than expected. On an annual basis, PPI rose from 2% to 2.2% though there was a big revision to the previous report, bringing the annual figure up from 1.6% to 2%.

Core PPI, which also strips out volatile food and energy prices, rose by 0.3%, with the year-over-year reading increasing from 2.5% to 2.7%. There was also a big revision to this data in the previous report, moving this annual figure up from 2.2% to 2.5%.

What’s the bottom line? While annual PPI moved higher in the wrong direction, it remains well below last year’s 11.7% peak. Plus, much of the increase in wholesale inflation was also due to rising energy prices, which were up 3.3% last month after rising 10.3% in August.