A key inflation indicator showed US prices continued to climb in November as supply chain chaos in the pandemic era and a continuing labor shortage.
The Producer Price Index – which tracks the average changes in the selling prices that domestic producers receive over time – rose 9.6% over the 12-month period ended in November. This is the biggest jump since the data series was first calculated in November 2010, according to the Bureau of Labor Statistics, and a larger lead than economists expected.
Excluding the prices received for food, energy and commercial services, the index still rose 6.9% over the same period, the largest increase since August 2014.
November’s price hikes were broad, but some categories stood out nonetheless. In services, prices for financial products, including portfolio management and investment advice, have increased. Freight and courier prices have also increased.
Prices received for the goods actually increased at a slightly slower pace in November compared to the previous month. Still, prices for scrap metal and steel jumped 10.7%, while prices for gasoline, fresh fruits and vegetables also rose.
This is a developing story. it will be updated
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