Wholesale prices soar 10% in February, highest level on record



Rusty Snippets

Mr Conservative
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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…….

 


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