Prices rose 8.6 percent from a year ago in October, the second consecutive month of the fastest annual pace of inflation in records going back 10 years.
The Department of Labor said the Producer Price Index accelerated to show a monthly gain of 0.6 percent, up one-tenth of a percentage point from the September gain. That was in line with analyst expectations.
Excluding the volatile categories of food and energy, producer prices for final demand were up 0.4 percent compared with the prior month, twice the pace of the September gain, and 6.8 percent compared with a year earlier.
Excluding food, energy, and trade services, the Producer Price Index rose 0.4 percent on a monthly basis, up from 0.1 percent. Compared with a year ago, prices were up 6.2 percent. Trade services measure the margins of sellers rather than prices.
The Producer Price Index is a measure of inflation compiled monthly by the Department of Labor. It measures prices from the point of view of sellers rather than buyers, the perspective measured by the Consumer Price Index. The headline numbers are gauges of goods and services sold for “final demand,” meaning they are sold to their end user. The PPI also tracks goods further out in the supply chain, which the government describes as “intermediate demand.”
Over 60 percent of the October increase in the index for final demand can be traced to a 1.2 percent rise in prices for final demand goods. The index for final demand services moved up 0.2 percent, and prices for final demand construction advanced 6.6 percent.
When inflation soars so will taxes. Was gonna say history shows that but who needs history when there is a approved bill on the Prez’s desk for a couple trillion (i know over 10 yrs), another in the pipeline AND the gov is still running on a continuing resolution (expires Dec 3rd)…history is NOW. More taxes are NOW to pay for it all.
Yet all the lame stream talks about is RITTENHOUSE and FREEBRITTNEY.
The world we live in. Happy TGIF
Democrats.
Not the “supply line”. Not Covid”. Not China.
Democrats.
And they LAUGH about it on TV.
HANG THEM ALL.
Literally.
Good thing they upped the amount people get that use food stamps. How about the people that have worked their entire life and are on a fixed income. Seems they never get the help they deserve. The dem preach about $15 an hour yet many on SS don’t make half that amount yet are suppose to survive and many can’t work. Again the lazy are rewarded. Heating prices are soaring and I don’t know how some are going to even afford to heat their house.