Wholesale prices rose by a record 9.7% in December from a year earlier, the latest sign that inflation is still a problem across all levels of the US economy.
WASHINGTON – Wholesale prices rose by a record 9.7% in December from a year ago, with inflation evident across all levels of the US economy.
The Labor Department reported Thursday that its producer price index, which measures inflation before it reaches consumers, slowed on a monthly basis, rising just 0.2% in December compared to November, when prices rose 1%.
The 12-month growth in wholesale inflation was 9.7%, slightly higher than the old record of 9.6% set in November. The record on wholesale prices goes back to 2010.
Thursday’s report comes a day after the government reported that consumer inflation rose 7% in December from a year earlier, the highest such inflation rate since 1982.