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Wholesale prices of consumer goods increased by 9.6% from November 2020 to November 2021. That figure includes a 0.8% price increase in November. The increase broke the year-over-year Producer Price Index (PPI) record.
It also sent an unmistakable signal that inflation will remain a problem for some time. (RELATED: ‘Surprised' Biden Unsure of How to Deal With Skyrocketing Inflation)
Economists polled by Reuters had predicted a 9.2% increase in the annual change of the PPI.
As CNBC reports:
The Labor Department's record keeping for the headline number goes back to November 2010, while the core calculation dates to August 2014.
Those numbers come with headline consumer prices running at their fastest pace in nearly 40 years and core inflation the hottest in about 30 years.
SEE ALSO: Inflation Surges at Fastest Rate in Decades, Just in Time for the Holidays
Demand for goods continued to be the bigger driver for producer prices, rising 1.2% for the month, a touch slower than the 1.3% October increase. Final demand services inflation ran at a 0.7% monthly rate, much faster than the 0.2% October rate and a sign that the services side could be catching up in prices after lagging through much of the recovery.
SEE ALSO: Biden Admin Says Americans Should Learn to Live With Inflation – But Vows to Stop ‘Climate Change'
Supply chain bottlenecks and surging demand have been the primary drivers of inflation, and have eased only marginally.
Why does everything you people send out ask for money?!? Don’t you understand that We, the People have already been drained by Biden’s policies? This is one BIG reason I left the Republican Party and registered as an Independent 16 years ago.
Tap your billionaire buddies for funds for your “projects”; as long as you allow RINOS like Cheney and Meadows to run wild to do what they are now trying to do to Trump, I have no faith in this Party.