The U.S. Producer Price Index surged 7.3% in the 12 months through June, making it the biggest annual increase in over 10-1/2 years
The Fed slashed its benchmark overnight interest rate to near zero last year and is pumping money into the economy through monthly bond purchases. That ultra-easy monetary policy stance, COVID-19 vaccinations and nearly $6 trillion in government relief since the pandemic started in the United States in March 2020 are whipping up demand.Lordstown Motors associates work on a pre-production all electric pickup truck, the Endurance, at the Lordstown Assembly Plant in Lordstown, Ohio, U.S.
A separate report from the Atlanta Fed on Wednesday showed its sticky-price consumer price index, a weighted basket of items that change price relatively slowly, increased 3.5% on an annualized basis in June after soaring 4.5% in May. Last month's surge in the costs of services was led by a 2.1% surge in trade services, which measure changes in margins received by retailers and wholesalers. Twenty percent of the increase in services was due to margins for automobiles and parts retailing, which rose 10.5%.
Wholesale energy prices increased 2.1%. Food prices climbed 0.8%. Wholesale core goods prices rose 1.0% after gaining 1.1% in May. Though softwood lumber prices fell 0.7%, they were up a record 125.3% from a year ago. Expensive lumber is holding back homebuilding, contributing to rampant house price inflation.
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