Wholesale prices rose more than expected in September despite Federal Reserve efforts to control inflation, according to a report Wednesday from the Bureau of Labor Statistics.
The producer price index, a measure of prices that U.S. businesses get for the goods and services they produce, increased 0.4% for the month, compared with the Dow Jones estimate for a 0.2% gain. On a 12-month basis, PPI rose 8.5%, which was a slight deceleration from the 8.7% in August.
Excluding food, energy and trade services, the index increased 0.4% for the month and 5.6% from a year ago, the latter matching the August increase.
Food prices helped boost the increase in goods inflation, with a 1.2% monthly increase. Energy rose 0.7% after posting massive gains the previous two months.
Inflation has been the economy’s biggest issue over the past year as the cost of living is running near its highest level in more than 40 years.
The Fed has responded by raising rates five times this year for a total of 3 percentage points and is widely expected to implement a fourth consecutive 0.75 percentage point increase when it meets again in three weeks.
“Inflationary momentum has built up in the U.S. economy and will persist near-term, keeping the Fed hiking aggressively,” said Bill Adams, chief economist for Comerica Bank.
Pedo-Slow-Joe, his Knee-Pad-Ho, and the rest of the dumbocrats own this from day one…!
Relinquishing our energy independence, started this entire mess – he did it with the stroke of a pen in seconds!
ALOT of items have DOUBLED in PRICE !!!!!! They MUST be Rolled Back !!!! This is GOUGING !!!!!!
Biden has given the whole country a license to GOUGE Americans on Prices !!!!!!!
Social Security raise should be higher than they are saying it will be. Medicare will go up and that will take care of the raise.
Retirees on social security do not get enough of a pension to survive on. But…..if you try to get any help, you are told how rich you are. And if you dared to skimp and save a few dollars for your old age for things like property taxes, insurances, etc. then you aren’t eligible for any help. But those who squandered every penny they nade and made no effort to hold on to a few bucks for emergencies, like home repairs , illness, etc. then you are ok. You are then eligible for handouts because you have no money,. It’s just so unfair.