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Tags: Biden Administration | Financial Markets | Infrastructure | Money | Producer Prices | inflation

Wholesale Prices Jumped Record 9.7 Percent in Past 12 Months

wholesale prices
Amazon fulfillment center on August 1, 2017 in Romeoville, Illinois. (Getty Images)

Thursday, 13 January 2022 08:53 AM

Prices at the wholesale level surged by a record 9.7% in December from a year earlier, with inflation evident at all levels of the U.S. economy.

The Labor Department reported Thursday that its producer price index, which measures inflation before it reaches consumers, did slow on a monthly basis rising just rose 0.2% in December compared to November, when prices had shot up 1%.

The 12-month increase in wholesale inflation of 9.7% was slightly higher than the old record of 9.6% set in November. The records on wholesale prices go back to 2010.

Thursday's report came a day after the government reported that consumer inflation jumped 7% in December from a year earlier, the highest such inflation rate since 1982.

The price increases at both the wholesale and retail levels have been attributed in large part to snarled supply chains at a time of surging demand. President Joe Biden's approval ratings on the economy have taken a hit because of the surge in prices, especially for consumer necessities like food and energy.

© Copyright 2022 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.


Economy
Prices at the wholesale level surged by a record 9.7% in December from a year earlier, with inflation evident at all levels of the U.S. economy.
Producer Prices, inflation
172
2022-53-13
Thursday, 13 January 2022 08:53 AM
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