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.

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.

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.

India's wholesale price-based inflation accelerated to a four-month high of 2.36% year on year in October due to elevated food prices, government data released on Thursday showed.

Wholesale prices in the US rose last month, remaining low but suggesting that the American economy has yet to completely vanquish inflationary pressure. Thursday’s report from the Labor Department showed that its producer price index — which tracks inflation before it hits consumers — rose 0.