Wholesale inflation jumps record 9.6% over past 12 months
WASHINGTON (AP) — Prices at the wholesale level surged by a record 9.6% in November from a year earlier, an indication of on-going inflation pressures
The Labor Department said that its producer price index, which measures inflation before it reaches consumer, rose 0.8% in November compared to October, the highest monthly reading since June.
Food prices, which had fallen 0.3% in October, jumped 1.2% in November. Energy prices rose 2.6% after a 5.3% percent rise in October.
The 12-month increase in wholesale inflation set a new record, surpassing the old records for 12-month increases of 8.6% set in both September and October. The records on wholesale prices go back to 2010.
Core inflation at the wholesale level, which excludes volatile food and energy, rose 0.8% in November with core prices were up 9.5% over the past 12 months.
The increase in wholesale prices was widespread, led by a 1.2% increase in the cost of goods and a 0.7% rise in the price of services.