Wholesale prices jumped at the fastest rate on record in November, raising serious new concerns over Joe Biden’s domestic agenda with overall inflation causing financial misery for millions of Americans.
“The producer price index for final demand increased 9.6% over the previous 12 months after rising another 0.8% in November. Economists had been looking for an annual gain of 9.2%, according to FactSet,” reports CNBC.
“Excluding food, energy and trade services prices rose 0.7% for the month, putting core PPI at 6.9%, also the largest gain on record. Estimates were for respective gains of 0.4% and 7.2%, meaning the monthly gain was faster than estimates but the year-over-year measure was a bit slower,” adds the financial outlet.
The overall inflation rate rose 6.8% in November, with the biggest increases occurring in gas, energy, hotel rooms, cars, food, and furniture.
Read the full report here.