Producer prices soar 7.8% annually in July, most on record

FoxNews/Jonathan Garber/8-12-2021

“The producer price index for final demand 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 and ahead of the 7.3% rate that analysts surveyed by Refinitiv were expecting. The reading was the strongest since recordkeeping began in November 2010.”

USAGOLD note: If the increased wholesale rate of inflation pushes through to consumer prices (retailers can only absorb so much,) it will do serious damage to the real rate of return. The Fed is likely to stick with its prognosis that the inflation is transitory, but the persistent argument is gaining more and more adherents.

Source: U.S. Bureau of Labor Statistics • • • Click to enlarge

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