Wholesale prices in the United States rose 9.7% in December alone, the fastest pace in US history and a major hurdle for hurting Americans working to recover from the global COVID-19 pandemic and stagnant economy.
“The Labor Department said Thursday that its producer price index, which measures inflation at the wholesale level before it reaches consumers, surged 9.7% in December from the year-ago period. It marked the highest figure on record since the government began tracking the data in 2010,” reports Fox News.
“Still, there are some signs that inflation could be decelerating: On a monthly basis, prices rose just 0.2% in December following a revised gain of 1% in November. Economists surveyed by Refinitiv expected producer inflation to rise by 9.8% on an annual basis and 0.4% from the previous month,” adds Fox.
Read the full report at Fox News.