Wholesale inflation surges 11.3% in June, unexpectedly hitting new 40-year high

video

Fed trying to thread the inflation needle by raising rates without crushing economy: Expert

Main Street Asset Management CIO Erin Gibbs and Exiger CEO Brandon Daniels discuss how the economy can avoid a ‘deep recession’ on ‘Cavuto: Coast to Coast.’

Wholesale prices accelerated again in June as inflation seeps throughout every part of the U.S. economy, squeezing businesses and American households in the form of higher prices for most necessities. 

The Labor Department said Thursday that its producer price index, which measures inflation at the wholesale level before it reaches consumers, climbed 11.3% in June from the previous year. On a monthly basis, prices grew by 1.1%.

Both of those figures are higher than the 10.7% annual and 0.5% monthly estimates from Refinitiv economists, underscoring just how strong inflationary pressures still are.

This is a developing story. Please check back for updates.

Source: Read Full Article