spot_imgspot_img

Inflation rose more than expected in latest federal data

Newly released federal inflation data shows that producer prices rose more than expected.

The U.S. Bureau of Labor Statistics released its Producer Price Index, a key indicator of inflation, which showed producer prices rose 0.3% in July and 0.8% over the last 12 months, higher than expected.

“The index for final demand less foods, energy, and trade services moved up 0.2 percent in July, the largest increase since a 0.3-percent rise in February,” BLS said. “For the 12 months ended in July, prices for final demand less foods, energy, and trade services advanced 2.7 percent.”

The pricing data breaks down into goods and services and from there tracks data by category of goods or industry.

“Within the index for final demand goods in July, prices for meats rose 5.0 percent,” BLS said. “The indexes for gas fuels; hay, hayseeds, and oilseeds; utility natural gas; and motor vehicles also moved higher. In contrast, prices for diesel fuel dropped 7.1 percent. The indexes for gasoline, fresh fruits and melons, and plastic resins and materials also decreased.”

Quincy Krosby, Chief Global Strategist for LPL Financial in Charlotte, North Carolina reacted to the numbers, saying “the data-dependent Fed isn’t ready to declare victory on its campaign to quell inflation.”

The producer price data comes the same week the Consumer Price Index was released showing consumer prices rose 0.2% last month and 3.2% over the last 12 months.

“The index for shelter was by far the largest contributor to the monthly all items increase, accounting for over 90 percent of the increase, with the index for motor vehicle insurance also contributing,” BLS said. “The food index increased 0.2 percent in July after increasing 0.1 percent the previous month.”

Republicans were quick to blast President Joe Biden over the latest data.

“Inflation is hitting them every day—and costing Florida families an extra $1000 PER MONTH,” Sen. Rick Scott, R-Fla., wrote on social media. “That’s the cost of Bidenomics.”

DON’T MISS OUT

Be the first to know about the latest news, giveaways, events, and updates from The Black Chronicle!

We don’t spam! Read our privacy policy for more info.

spot_imgspot_img
spot_img

Hot this week

African and Caribbean Nations Call for Reparations for Slave Trade, Propose Global Fund

Nations across Africa and the Caribbean, deeply impacted by...

Health care company agrees to pay $22.5 million to settle claims of over billing

A health care company agreed to pay nearly $22.5...

Sports betting expert offers advice on paying taxes for gambling winnings

(The Center Square) – Tax season is underway, and...

Entertainment district benefits don’t outweigh the cost, economists say

(The Center Square) — Weeks later, after more details...

Business association ‘disappointed’ by WA L&I’s proposed workers comp rate hike

(The Center Square) – The Association of Washington Business...

Survey: Small business owners optimistic heading into holiday shopping season

(The Center Square) – Although a new survey reveals...

Delaware-based group spends thousands on candidates across Illinois

(The Center Square) – Several Illinois races are being...

Voters have high number of transit measures in 2024

Voters will decide on $59.2 billion in dedicated, multi-year...

Former Seattle Police Chief Adrian Diaz placed on administrative leave

(The Center Square) – Former Seattle Police Chief Adrian...

California goods inflation down, wages up, fueling possible housing bubble

(The Center Square) - According to new reports from...

Census: Arizona remains a top destination for moving Americans

(The Center Square)— New estimates from the U.S. Census...

Ohio school district adopts controversial ‘Grading for Equity’ policies

A school district outside Cleveland, Ohio, will have staff...

More like this
Related

Survey: Small business owners optimistic heading into holiday shopping season

(The Center Square) – Although a new survey reveals...

Delaware-based group spends thousands on candidates across Illinois

(The Center Square) – Several Illinois races are being...

Voters have high number of transit measures in 2024

Voters will decide on $59.2 billion in dedicated, multi-year...

Former Seattle Police Chief Adrian Diaz placed on administrative leave

(The Center Square) – Former Seattle Police Chief Adrian...