A key inflation measure just hit its highest level on record

A key inflation measure just hit its highest level on record
Patrick T. Fallon/AFP/Getty Images

A key inflation gauge showed that US prices continued to climb in November as pandemic-era supply chain chaos and a labor shortage continues.

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 6.9% over the same period, the biggest increase since August 2014.

The 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.

Prices received for goods actually rose at a slightly slower pace in November compared with the prior month. Yet, prices for iron and steel scrap jumped 10.7%, while prices for gasoline, fresh fruit and vegetables also rose.

This is a developing story. It will be updated

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