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Producer Inflation Surged 8.3 Percent Year-over-Year in Largest Annual Increase on Record

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Federal Reserve building is pictured in Washington, D.C., August 22, 2018. (Chris Wattie/Reuters)

Prices paid to U.S. producers for final demand goods and services jumped in August at a rate that exceeded projections and amounted to the largest annual increase on record.

The producer price index (PPI) rose 0.7 percent from the prior month and 8.3 percent from a year ago — a new high for the metric — according to the Department of Labor. In July, prices were 7.8 percent higher than in 2020, a record high increase until now.

The goods that saw the most significant price increases in August were meats — especially poultry which shot up eleven percent — as well as residential natural gas, industrial chemicals, and motor vehicles. The services that generated a third of the overall rise in prices were health, beauty, and optical goods retailing, CNBC reported.

Removing food, as well as energy and trade services — which tend to have more volatile fluctuations — from the equation, the core PPI increased 0.6 percent for the month and 6.7 percent since August of 2020.

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Despite the Federal Reserve’s insistence

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