October 16, 2021

Ukraine Breaking News

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US wholesale prices increased 8.6% in 12 months

Wholesale inflation rose 8.6% in September from a year ago, the largest advance since the 12-month change was first calculated in 2010.

The Labor Department reported Thursday that the monthly increase in its producer price index, which measures inflationary pressures before they reach consumers, was 0.5% for September compared to a 0.7% increase in August.

The 8.6% increase for the 12 months ending September compared to an 8.3% increase for the 12 months ending August, which was the previous record 12 month increase.

On Wednesday, the government reported that retail inflation rose 0.4% in September with its CPI rising 5.4% over the past 12 months, reaching the fastest pace since 2008.

The jump in inflation this year reflects rising prices for food and energy and a host of other items, from furniture to automobiles, as the pandemic has snarled supply chains and demand outstripped supply.

The report on wholesale prices showed that core inflation at the wholesale level, excluding volatile energy and food, increased by 0.2% in September compared to August and increased by 6.8% in the last 12 months.

Nearly 80% of last month’s overall increase in wholesale prices was attributed to a 1.3% rise in the price of goods, the largest increase since May. In September, 40% of the jump in commodity prices reflects the rise in energy prices. Price increases for services increased by 0.2% lower

Wholesale food costs rose 2% in September, while energy prices rose 2.8%, the biggest jump since March’s 5% rise.

On Wednesday, President Joe Biden took action in an effort to address supply chain problems, including the announcement that the Port of Los Angeles would begin operating 24 hours a day, seven days a week to eliminate bottlenecks. in one of the largest American ports.

Economists said the jump in wholesale and retail prices reflects the impacts of the pandemic as strong demand is colliding with supply chain problems.

Bulk ammunition for sale at Lucky Gunner

“The impact on demand will diminish further in the coming months,” said Rubeela Farooqi, US chief economist at High Frequency Economics. “But there is a risk of more persistent headwinds from broken supply chains that could keep commodity prices and inflation high for longer than expected.”

The minutes released Wednesday of the Federal Reserve’s September meeting provided further indications that the central bank is preparing to begin withdrawing its $ 120 billion of monthly bond purchases, possibly at its next November meeting, as a first. step to ease the extraordinary support that the central bank has provided the economy.

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