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U.S. Producer Prices Up 8.3% In August From A Year Earlier

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FILE - In this March 24, 2021 file photo, mid-sized pickup trucks and full-size vans are seen in a parking lot outside a General Motors assembly plant where they are produced in Wentzville, Mo. The global shortage of computer chips is getting worse, forcing automakers to temporarily close factories including those that build popular pickup trucks. General Motors announced Thursday, Sept, 2, 2021 that it would pause production at seven North American plants during the next two weeks, including two that make the company’s top-selling Chevrolet Silverado pickup. (AP Photo/Jeff Roberson, File)

(AP) — Inflation at the wholesale level climbed 8.3% last month from August 2020, the biggest annual gain since the Labor Department started calculating the 12-month number in 2010. The Labor Department reported Friday that its producer price index — which measures inflationary pressures before they reach consumers — rose 0.7% last month after increasing 1% in both June and July. Inflation has been stirring as the economy recovers from last year’s brief but intense coronavirus recession. Supply chain bottlenecks and a shortage of workers have pushed prices higher. Excluding volatile food and energy prices, so-called core producer prices rose 0.6% from July and 6.7% from a year earlier. Food prices were up 2.9% last month after falling in July.

 

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