Bidenflation: Supply Chain Inflation Rockets to 23.9%, Final Demand at Record 8.6%
A key measure of inflation jumped 8.6 percent in September compared to a year ago, the largest advance since the Labor Department began calculating annual changes in producer prices under the current system in 2010. And a measure of inflation further out in the supply chain jumped 23.9 percent compared with a year ago.
The Producer Price Index for final demand rose 0.5 percent in September, a slowdown after the 0.7 percent gain in August. Compared with a year ago, the Producer Price Index is up 8.6 percent, higher than the 8.3 percent rise reported a month ago.
Prices for materials for durable goods manufacturing rose 1.9 percent for the month and are up a shocking 53 percent year over year. Components rose 0.8 percent on a monthly basis and are up 7.9 percent annually.
The Producer Price Index looks at inflation from the point of view of businesses, measuring prices received by sellers. The “final demand” index tracks goods and services sold to end-users in households, businesses, government, and as exports. In the past, the index was misleadingly called the “wholesale index” and many establishment media organizations continue to describe it incorrectly.- READ MORE