Inflation rose to 3% in November in producer price index, surprisingly hot
By
Zach Halaschak
December 12, 2024 8:33 am
.
Inflation, as measured by the producer price index, rose four-tenths of a percentage point to 3% for the year ending in November, the Bureau of Labor Statistics reported Thursday.
The hot inflation rate is more than economists had anticipated and adds to recent signs that price pressures have not yet abated as President-elect Trump prepares to take office. In fact, November marked the largest rise in PPI inflation since February 2023.
On a month-to-month basis, the producer price index increased by 0.4%.
The report is one more piece of evidence that could lead the Federal Reserve to slow its efforts to reduce interest rates.
“This is not what the Fed and markets were hoping for, but it is a small overshoot that is unlikely to affect the Fed’s judgment about the course of inflation and policy interest rates,” economists with High Frequency Economics said.
The numbers come a day after the more closely watched consumer price index showed inflation trending up for a second month in a row in November.
more
https://www.washingtonexaminer.com/policy/finance-and-economy/3258218/inflation-rose-to-3-in-november-in-producer-price-index/
