WASHINGTON (AP) — Inflation at the wholesale level rose 8.6% last month from a year earlier, matching September’s record annual gain and offering more evidence that inflationary pressures are not yet easing.
The Labor Department reported Tuesday that its producer price index — which measures inflation before it hits consumers — rose 0.6% last month from September, pushed higher by surging gasoline prices. Excluding volatile food and energy prices, wholesale inflation was up 0.4% in October from September and 6.8% from a year ago.
More than 60% of the September-October increase in overall producer prices was caused by a 1.2% increase in the price of wholesale goods as opposed to services. A 6.7% jump in wholesale gasoline prices helped drive goods prices up.
Mostly dormant for decades, inflation has returned to the United States this year. The economy’s strong rebound from the 2020 coronavirus caught many businesses by surprise. Their scramble to meet unexpectedly strong demand has created shortages of labor, raw materials and goods and snarled traffic at ports and freight yards. The result has been higher prices, and the supply squeeze is expected to last at least well into 2022.
“Since the pandemic, supply chains have never been the same and likely won’t normalize for several more months,” Contingent Macro Advisors said in a research note.
On Wednesday, the Labor Department will release its consumer price index for last month. According to a survey of economists by FactSet, it is expected to show that consumer prices rose 0.5% from September and 5.8% from a year earlier — beating September’s 5.4% year-over-year gain, the fastest since 2008.
Copyright 2021 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed without permission.
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its more than 8.6 folks
Preach it..
July was the last time i did a big meat shopping stock up.. Brought 3 large chunks of bottom round roast for sunday beef.. Each was around 13-15$..
Last weekend i had to do a new one, and the CHEAPEST I PAID for the same size of meat, was 21$… THE CHEAPEST!
THAT IS a lot more than merely 8% higher price..
I saw the same for pork chops.
It’s more like 30% or higher.
There is NO MEAT shortage in America. I personally have 20 head of cattle in my pasture of mouth-watering Angus. The problem is that there is a 90 day wait to get the meat processed thanks to Joe paying the butcher’s employees more money to stay home than go back to work in the slaughterhouse. Transportation charges go up 40% which goes directly on to the price of any food being shipped. Just try to buy a Lobster tail? King Crab went from $18.00/lb all the way up to over $50 today. I just seeded my pond with crawfish, the cheap version of Louisiana Lobster. Don’t plan on going hungry until Biden is thrown out. Planted orchards of Peaches, Plums, Apricots grapes and a victory garden of fresh veggies to tide me over until the war the Democrats have declared on America is finally won,,,by THE PEOPLE. I feel sorry for you if you live in the city and have to rely upon democrats to keep the price of food down, or the cost of fuel to get you to work or the market. Fool me once shame on you, fool me twice shame on me. Now go on and vote them out!
One of my neighbors, is friends WITH a local farmer, and actually bought a full cow.. And the farmer said “whe the cow’s ready, you can come and help PREPARE the meat. I will just kill and skin it for ya…”….
IF you have friends like that, its good… NOT all of us though, even KNOW someone who’s a farmer.
Big Mouth Obama goes to COP26 and takes the liberty to throw off on Trump.
So, Mr Obama, how about you and Mr Biden take a look at where we were this time last year under President Trump and compare that to the current misery created by you bunch of fools.
Trump wisely understood that the price of energy is intricately woven into the costs of just about EVERYTHING, from manufacturing, food, transportation to work and transportation of goods to market, including the costs of refrigerating COVID vaccines and shipping them. Screw with the price of gas and you quickly screw up your economy, and make your oil producing enemies richer by the barrel and more able to finance terrorism. Joe’s brain obviously has more screws and twists than a wine bottle opener.
Post WWII the United States economy boomed and dominated the world because of two things. Our factories were not bombed and the price of our oil/energy was cheap. We produced 50% of the world’s Oil supplies and our tanks ran over the Nazi’s while Hitler’s ran out of fuel right in the middle of the critical battle of the bulge. Oil and energy are a critical component of our manufacturing and military capability. Only a traitor would take punitive energy price actions against THE PEOPLE of the United States to enrich our enemies abroad. Trump disproved the Obama lie that American manufacturing would move overseas, which it did because of He and his socialist band of American destroyers were on a mission to socially redistribute all American wealth earned and accumulated over the past 5 generations.
AND WHEN you are insulated from SEEING the effects of those cost increases, of COURSE YOU WON’T care about how bad things get.
Where are the cries of how this is hurting the poor and middle classes.
OR how “Racist” this is”, cause it impacts minorities more than whites…
ltuser i disagree minorities get food stamps and wic and where i live in the south i have been behind them at
the store an these people are living high on the hog and cow i saw this colored lady get $500.00 worth of food
and when she swiped her card thecashier says you still have $1200… left for the month.
that my friends is plain wrong oh and by the way she was driving a escalde with expensive rims and tires.
while my family spends a $100.00 and get nothing meaningful.
I know my share of welfare leeches, who do similar. BUT I was on about the USUAL batch of leftists, who always LOVE making everything into ‘race’ issues.//
WHERE ARE THEY AT???
I remember one of the families on welfare, that our base did some ‘habitat for humanity’ like volunteer work for.. Her home was 2,800 or so SWFT, for her her 5 kids (all from DIFFERENT DADS, not ONE who paid one lick of child support). Two of her eldest, had their OWN BRAND NEW cars, and She had TWO vehicles.. A car and a large van. EVERY ROOM damn near in her home had a tv in..
YET SHE WAS supposedly “Poor” enough for habitat for humanity….
She was not the ONLY ONE i’ve seen like that, who’s House was decked out NICER, than someone who WORKED for a living, earning 20$ a hr had….
GIVE ME a bloody break.
Neither bozo joe or obami have the intelligence to operate a yoyo but isn’t it nice they think they can speak much less speak for Americans.
The prices are going up quite a bit. I see it in the cost of meat. It is higher than it was when there were meat shortages during the height of the pandemic.
Can you imagine what the costs will be should they actually pass the ‘Green New Deal’ and there is a $6500 fee on each dairy cow, and high fees on beef cattle and hogs?
These costs are hurting the lower classes, including minorities, the most. Along with the increase in fuel costs they and the middle class won’t be able to survive.
BUT yet, all those who were whining about This and tat being ‘racist’ and hurting the “POOR minorities”, when trump was in office, are SILENT on all of this…
REPORATIONS?
they have been getting them for decades in the form of wic food stamps healthcare welfare.
if you want more move some where else and freeload.
Thing is, very few places WILL let them freeload. THAT IS WHY THEY REFUSE TO MOVE.