Lovin Jesus
Well-Known Member
Wholesale prices accelerated again in February as strong consumer demand and pandemic-related supply chain snarls continued to fuel the highest inflation in decades.
The Labor Department said Tuesday that its producer price index, which measures inflation at the wholesale level before it reaches consumers, surged 10% in February from the year-ago period. On a monthly basis, prices grew by 0.8% – a slight slowdown from January, when the gauge spiked by 1.2%.
Economists surveyed by Refinitiv expected producer inflation to rise by 10% on an annual basis and 0.9% from the previous month.
Core inflation at the wholesale level, which excludes the more volatile measurements of food and energy, increased 0.2% for the month, following a 0.8% increase in January. Over the past 12 months, core prices were up 6.6%.
Gasoline prices, which soared 14.8% in the month, accounted for nearly 40% of the February increase. Overall, prices for goods jumped 2.4% last month, while prices for services remained the same.
More
https://www.foxbusiness.com/economy/wholesale-prices-producer-inflation-february-2022
The Labor Department said Tuesday that its producer price index, which measures inflation at the wholesale level before it reaches consumers, surged 10% in February from the year-ago period. On a monthly basis, prices grew by 0.8% – a slight slowdown from January, when the gauge spiked by 1.2%.
Economists surveyed by Refinitiv expected producer inflation to rise by 10% on an annual basis and 0.9% from the previous month.
Core inflation at the wholesale level, which excludes the more volatile measurements of food and energy, increased 0.2% for the month, following a 0.8% increase in January. Over the past 12 months, core prices were up 6.6%.
Gasoline prices, which soared 14.8% in the month, accounted for nearly 40% of the February increase. Overall, prices for goods jumped 2.4% last month, while prices for services remained the same.
More
https://www.foxbusiness.com/economy/wholesale-prices-producer-inflation-february-2022