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Wholesale price inflation nearly in double digits

Another sign that the supposedly “transitory” inflation is going to be both bad and sticking around.

According to CNBC:

Wholesale prices increased at their quickest pace on record in November in the latest sign that the inflation pressures bedeviling the economy are still present, the Labor Department reported Tuesday.

The producer price index for final demand products 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.

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 . . .

Those numbers come with headline consumer prices running at their fastest pace in nearly 40 years and core inflation the hottest in about 30 years.

As Dagen McDowell notes on Fox Business, expectations of inflation by consumers are beginning to sink in, which becomes self-fulfilling and could ensure that prices will continue increasing over the long term.

3 thoughts on “Wholesale price inflation nearly in double digits”

  1. Don’t you know it’s good for you to pay more for goods and services? Eventually, the government will take care of all of the good comrades. The gulag for the rest of us.

  2. Last night, I went to the local service station where you can do the BBQ propane tank exchange. Granted, the place is not cheap but very convenient.

    I ask for the basic propane tank change. $41. I said oh no, I don’t need a new tank, I am doing the exchange. He politely said, yep, that is the price.

    I did the same routine about 30 days ago. It was $26. He was apologetic and said they only added the cost that was passed on to them by the wholesaler.

    That is a bump of 57% in one month.
    I may have to go back to coal or wood.


  3. I pay $5.12 for mine. If I buy a tank it is about $60. We have 2 supply companies. I us about 100 KWH of electricity per month. Cost about $10. 40% of our power in this part of the country is hydro.

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