Producer inflation accelerated in August, as wholesale prices rose record 8.3% from a year ago
Published Fri, Sep 10 20218:32 AM EDTUpdated 16 Min Ago
Jeff Cox
@Jeff.cox.7528
@JeffCoxCNBCcom
The producer price index increased 0.7% in August from a month ago, above the 0.6% Dow Jones estimate.
Final demand prices rose 8.3% from a year ago, the biggest increase on record going back to 2010.
The move showed that inflationary pressures are likely to persist.
Prices that producers get for final demand goods and services surged in August at their highest annual rate since at least 2010, the Labor Department reported Friday.
The producer price index rose 0.7% for the month, above the 0.6% Dow Jones estimate, though below the 1% increase in July.
On a year-over-year basis, the gauge rose 8.3%, which is the biggest annual increase since records have been kept going back to November 2010. That came following a 7.8% move higher in July, which also set a record.
The data comes amid heightened inflation fears fed by supply chain issues, a shortage of various consumer and producer goods and heightened demand related to the Covid-19 pandemic. Federal Reserve officials expect inflationary pressures to ease through the year, but they have remained stubbornly persistent, with Friday’s numbers indicating that the trend likely will continue.
more
https://www.cnbc.com/2021/09/10/august-wholesale-prices-rise-8point3percent-on-an-annual-basis-biggest-advance-on-record.html
