US Wholesale Prices Rose Record 8.6% Over 12 Months
WASHINGTON (AP) – Inflation at the wholesale level rose 8.6% in September compared to a year ago, the largest advance since the 12-month change was first calculated in 2010.
The Labor Department reported Thursday that the increase in its producer price index, which measures inflationary pressures before they reach consumers, was 0.5% for September compared to a 0.7% gain in August.
The 8.6% rise for the 12 months ending in September compared to an 8.3% increase for the 12 months ending in August.
The jump in inflation this year reflects higher prices for food and energy and a number of other items from furniture to autos as the pandemic has snarled supply chains and demand has outstripped supply.