US wholesale inflation surged higher in November [CNN]
NerdWallet, Inc. (NRDS)
Company Research
Source: CNN
The Producer Price Index, a measurement of average price changes seen by producers and manufacturers, rose 0.4% on a monthly basis and 3% for the 12 months ended in November, marking an acceleration from October, when prices increased 0.3% and 2.6%, respectively, according to Bureau of Labor Statistics data released Thursday. October's monthly and annual rates were both revised higher from their initial estimates. Still, as of November, PPI is at the highest annual rate since February 2023, BLS data shows. However, economists and market participants still expect the Federal Reserve to cut rates by a quarter-point next week. A closely watched gauge of underlying wholesale inflation grew more modestly and a chunk of November's increase could be attributed to a spike in egg prices as a deadly bird flu ripples through flocks. “Producer prices, and the broader inflation complex, are on an extended and bumpy journey to the Fed's goal,” Oren Klachkin, Nationwide's financial markets
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