×
Newsmax TV & Webwww.newsmax.comFREE - In Google Play
VIEW
×
Newsmax TV & Webwww.newsmax.comFREE - On the App Store
VIEW
Tags: producer prices

US Producer Prices Surge 9.7 Percent From a Year Ago

inflation
(Dreamstime)

Tuesday, 15 February 2022 08:40 AM EST

Wholesale inflation in the United States surged again last month, rising 9.7% from a year earlier in a sign that price pressures remain high at all levels of the economy.

The Labor Department said Tuesday that its producer price index — which measures inflation before it reaches consumers — jumped 1% from December. Excluding volatile food and energy prices, wholesale inflation rose 0.8% from December and 8.3% from January 2021.

Last week, the government reported that inflation at the consumer level soared over the past year at its highest rate in four decades, squeezing households, wiping out pay raises and reinforcing the Federal Reserve’s decision to begin raising borrowing rates. The 7.5% price surge ranged across the economy, from food and furniture to apartment rents, airline fares and electricity.

Inflation, under control for four decades, re-emerged as an economic issue last year as the United States rebounded with unexpected speed from 2020's short but devastating coronavirus recession. Caught off guard by the bounce-back, companies scrambled to find supplies and workers to meet an unexpected surge in orders from customers flush with government relief checks. Factories, ports and freight yards came under strain. Shipments were delayed and prices began to rise.

Economists expect inflationary pressure to drop this year as supply chain bottlenecks begin to ease and the Federal Reserve begins to push up interest rates. And consumers will not be receiving government relief checks.

© Copyright 2022 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.


StreetTalk
Wholesale inflation in the United States surged again last month, rising 9.7% from a year earlier in a sign that price pressures remain high at all levels of the economy.
producer prices
232
2022-40-15
Tuesday, 15 February 2022 08:40 AM
Newsmax Media, Inc.

Sign up for Newsmax’s Daily Newsletter

Receive breaking news and original analysis - sent right to your inbox.

(Optional for Local News)
Privacy: We never share your email address.
Join the Newsmax Community
Read and Post Comments
Please review Community Guidelines before posting a comment.
 
Get Newsmax Text Alerts
TOP

Newsmax, Moneynews, Newsmax Health, and Independent. American. are registered trademarks of Newsmax Media, Inc. Newsmax TV, and Newsmax World are trademarks of Newsmax Media, Inc.

NEWSMAX.COM
MONEYNEWS.COM
© Newsmax Media, Inc.
All Rights Reserved
NEWSMAX.COM
MONEYNEWS.COM
© Newsmax Media, Inc.
All Rights Reserved