Posted on 12/09/2022 8:02:08 AM PST by Kaiser8408a
Is inflation gone in November? Nope.
US producer prices rose in November by more than forecast, driven by services and underscoring the stickiness of inflationary pressures that supports Federal Reserve interest-rate increases into 2023.
The producer price index for final demand climbed 0.3% for a third month and was up 7.4% from a year earlier, Labor Department data showed Friday. The monthly gains for October and September were revised higher.
At the same time, the annual increase was the smallest in 18 months, extending a months-long easing and suggesting the central bank still has scope to pause its rate hikes next year as expected. Cooler demand at home and abroad has taken some stress off supply chains.
The data come just days before the release of the closely watched consumer price index, which is forecast to show inflation, while much too high, continues to decelerate.
While PPI is declining, it is still far above The Fed’s inflation rate of 2% (red line).
Watch out for energy prices when the sleeping giant (China) opens up again and demand for energy skyrockets.
Lastly, congratulations to former Cleveland Brown QB Baker Mayfield for winning with the LA Rams against the Las Vegas Raiders with a stunning 99 yard drive for a TD at the end of the game.
(Excerpt) Read more at confoundedinterest.net ...
Wait a minute! Joe got Saint Brittney back from the gulag in Russia, gas prices are down, people are out shopping and maxing out their credit cards, and the holiday spirit is among us, so who cares about some economists arguing over a little inflation?
/sarc
Janet Yellen will be on 60 Minutes to reassure us all this Sunday.
I paid $4.76 for a dozen eggs yesterday. Inflation is not gone…
Bump
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