Businesses Reach the highest level of inflation in U.S. history | Bureau of Labor Statistics show 7.8%;
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The year-over-year 7.8% rate marks the eighth consecutive month of increase for the Producer Price Index.
- The rise in transportation expenses matches the newest data for the Bureau of Labor Statistics’ Consumer Price Index, which was released on Wednesday. Over the past year, prices for used vehicles have increased by 41.7%; meanwhile, gasoline and fuel oil saw respective price hikes of 41.8% and 39.1%.
- The year-over-year 7.8% rate marks the eighth consecutive month of increase for the Producer Price Index. In December, January, February, March, April, May, and June, the Producer Price Index reached annual rates of 0.8%, 1.6%, 3.0%, 4.1%, 6.2%, 6.6%, and 7.3%, respectively.
- In June, Bill Adams — senior economist at PNC Financial Services Group commented that “PPI matters much more than it usually does because inflation matters much more than it has for years.”
SOURCE: U.S. BUREAU OF LABOR STATISTICS
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