October 26, 2021
Producer inflation sets record for sixth straight month

Producer inflation sets record for sixth straight month

Producer prices rose on the quickest annual tempo on record for the sixth straight month in September as supply-chain bottlenecks and supplies shortages continued to drive prices larger. 

The producer value index for closing demand surged 8.6% 12 months over 12 months, in line with the Labor Division. The studying was under the 8.7% enhance that analysts surveyed by Refinitiv have been anticipating. Producer costs rose 8.3% 12 months over 12 months in August. 

Costs jumped 0.5% in September, slowing from the 0.7% enhance in August. Economists have been anticipating a 0.6% rise. 

Nearly 80% of the September enhance was as a consequence of closing demand items costs rising1.3%, which was the most important acquire since Might. Forty p.c of the rise was as a consequence of a 2.8% rise in costs for closing power demand. 

Costs for closing demand companies edged up 0.2% final month, making for the ninth consecutive month-to-month enhance. Greater than two-thirds of the rise was as a consequence of an 11.6% rise in fuels and lubricants for retailing.

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Core producer costs, which exclude meals and power, rose 6.8% yearly and 0.2% in September. Economists have been anticipating will increase of seven.1% and 0.5%, respectively. The annual enhance was the most important because the information set started in August 2014. 

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