WASHINGTON (AP) — Inflation at the wholesale level rose 8.6% in September compared to a year ago, the largest advance since the 12-month change was first calculated in 2010.
Join our WhatsApp groupSubscribe to our Daily Roundup Email
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% gain in August.
The 8.6% rise for the 12 months ending in September compared to an 8.3% increase for the 12 months ending in August, which had been the previous record 12-month gain.
On Wednesday, the government reported that inflation at the retail level rose 0.4% in September with its consumer price index up 5.4% over the past 12 months, matching the fastest pace since 2008.
The jump in inflation this year reflects higher prices for food and energy and a number of other items from furniture to autos as the pandemic has snarled supply chains and demand has outstripped supply.
The report on wholesale prices showed that core inflation at the wholesale level, excluding volatile energy and food, was up 0.2% in September from August and was 6.8% higher over the past 12 months.
Almost 80% of the overall increase in wholesale prices last month was attributed to a 1.3% rise in the price of goods, the largest increase since May. In September, 40% of the jump in goods prices reflected rising energy prices. Price increases for services rose a smaller 0.2%
Food costs at the wholesale level rose 2% in September while energy prices were up 2.8%, the biggest jump since a 5% surge in March.
And this is just the very beginning
Expect prices across the board to rise at least 20%
Will this make republicans out of democrats? Let’s see
It depends how much more stuff they get free
No doubt our great current political leadership at work
Phineas can you read, “Inflation at the wholesale level rose 8.6%” Yes its inflation.
The biggest issue, the low income blue collar wages rose but us poor white collar middle class Americans are not even seeing a wage increase.
Biden needs to start taking this serious. Its more than opening a port in LA. We need to create chips here in the USA. Drill baby drill. Mine for more coal. And yes let in more blue collar immigrants.