A key inflation measure just had its biggest jump since the data series was first calculated in 2010, as pandemic-era supply chain chaos and a labor shortage continue
The producer price index — which tracks the average changes in selling prices that domestic producers receive over time — rose 9.6% over the 12 months ended in November. It was the biggest jump since the data series was first calculated in November 2010, according to the Bureau of Labor Statistics, and a larger advance than economists had expected.Stripping out prices received for food, energy and trade services, the index still climbed 6.
Powell is expected to announce a faster pace for rolling back stimulus following comments he made to Congress last month.Here's what got more expensiveThe November price increases were broad, but some categories stood out nonetheless. In services, prices for financial products, including portfolio management and investment advice rose. Prices for transportation of freight and mail also climbed.
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