The key final demand index moved up 7.8 percent for the 12 months ended in July. Highest EVER
WASHINGTON (AP) — Producer prices accelerated at the fastest annual pace on record in July as supply chain disruptions and materials shortages continued to put upward pressure on costs.
The producer price index for final demand (THE REAL NUMBER) increased at a 7.8% pace for the 12 months ended July, according to the Labor Department. The July print was faster than the 7.3% pace recorded in June. The reading was the strongest since record keeping began in November 2010.
The Producer Price Index for final demand increased 1.0 percent in July, as prices for final demand services advanced 1.1 percent and the index for final demand goods rose 0.6 percent. Producer prices rose 1% in July, matching the increase from June. Analysts were anticipating prices would grow at a 0.6% pace. The Labor Department said Tuesday that the jump last month in its producer price index — which measures inflation before it reaches consumers — followed a 0.2% drop in June and a 0.4% uptick in May. The increase last month was about twice what economists had expected. Wholesale energy prices shot up 5.3% in July, including a 10.1% surge in gasoline prices. Food prices slid 0.5%. Excluding the volatile food and energy prices, so-called core producer prices rose 0.5% last month. Nick Note: This insanity.. This is the garden embedded inflation grows in. A disaster is on the near horizon… And we will make a killing….. I tried to warn them. their is nothing they can do the fuse has been lit on the ticking time bomb…. The really sad part is the numbers PROVE WHAT I HAVE BEEN WARING AND THEY ARE STILL IN DENIAL…..