Wholesale prices soar 10% in February, highest level on record
From Johnny@21:1/5 to All on Tue Mar 15 09:15:31 2022
By Megan Henney
Published 1 hour ago
Wholesale prices accelerated again in February as strong consumer
demand and pandemic-related supply chain snarls continued to fuel the
highest inflation in decades.
The Labor Department said Tuesday that its producer price index, which
measures inflation at the wholesale level before it reaches consumers,
surged 10% in February from the year-ago period. On a monthly basis,
prices grew by 0.8% – a slight slowdown from January, when the gauge
spiked by 1.2%.
Economists surveyed by Refinitiv expected producer inflation to rise by
10% on an annual basis and 0.9% from the previous month.