U.S. Producer Prices Up 8.3% In August From A Year Ago
Newsy
The economy's brisk recovery appears to have hit a late summer lull as the Delta variant discourages Americans from shopping in stores or dining out.
Inflation at the wholesale level climbed 8.3% last month from August 2020, the biggest annual gain since the Labor Department started calculating the 12-month number in 2010. The Labor Department reported Friday that its producer price index — which measures inflationary pressures before they reach consumers — rose 0.7% last month after increasing 1% in both June and July. Inflation has been stirring as the economy recovers from last year's brief but intense coronavirus recession. Supply chain bottlenecks and a shortage of workers have pushed prices higher.More Related News