Inflation has moved beyond just consumer prices south of the border.
Wholesale prices hit their highest figure on record in December. The U.S. producer price index surged 9.7% for the year-over-year period. The print measures the prices suppliers charge businesses for goods and services.
However, for December the monthly number was below expectations at 0.2% and represents the lowest increase in 13 months. Producer prices generally represent the economy’s supply conditions.
On a monthly basis, energy prices declined 3.3% and food prices also slightly decreased. Core prices, which exclude volatile energy and food, rose 0.5% in December, and 8.3% for the 12-month period.
The producer price index follows the consumer price index, which at over 6% year over year, represents the fastest pace since December.
