Wholesale prices, a key indicator of inflation, rose by 8.6 percent in October tying an all-time record.
As CNBC reports:
Wholesale prices rose 8.6% from a year ago in October, their highest annual pace in records going back nearly 11 years, the Labor Department said Tuesday.
The government’s producer price index, which serves as a gauge of final demand prices from goods producers, rose 0.6% for the month, in line with Dow Jones estimates and an indicator that inflation pressures are continuing to burden the U.S. economy. The monthly pace was faster than the 0.5% increase in September.
Stripping out food, trade and energy prices, the index increased 0.4% month over month, slightly below the 0.5% estimate but an elevated pace from September’s 0.1% gain. On a year-over-year basis, core producer prices increased 6.2%. The year-over-year records go back to November 2010.
Elevated demand for goods over services again led the inflation story, with the price rises for final demand goods accounting for more than 60% of the index’s increase. Goods prices rose 1.2% compared with just a 0.2% increase for services, while construction prices jumped 6.6%.
One third of the increases reportedly came from soaring gasoline prices.
This is what happens when the Democraps cheat a Pedophile into power and his only plan is DESTROY AMERICA.
Gotta love demoncrat economics. Hope the libs love this crap!
the libs don’t believe the facts. They never do as their only response id youre a racist. They can’t even address/aanswer questions…
Jimmy Peanut head Carter on steroids. This bunch of people are more stupid than the Carter bunch and they don’t care.
Democrats in power could walk up to you, punch you in the mouth and tell you that its a good thing that you got punched in the mouth and the media would support their assertion, that is what we are dealing with. It always happens this way, Dems take power, businesses don’t grow and life becomes less than it should and could, and still the dumb of our society continue to vote for that bad performance.
It is really hard to believe that so many demorates still believe what these people say. I believe that they are waiting for more handouts. that is two fifths of the Infrastructure Bill!