Wholesale prices increased nearly 10% in November from year ago, fastest pace on record
Economists predicted 9.2% annual increase
Wholesale prices in November increased at their fastest pace on record, the Labor Department reported Tuesday.
The producer price index, or what the federal government calls "final demand," rose 0.8% last month and increased 9.6% over the previous 12 months.
Economists predicted an annual increase of 9.2%, according to CNBC.
The numbers are among the most recent indicators that inflation is creating problems for consumers and the entire U.S. economy.
Excluding food, energy and trade services, product, or wholesale prices, increased 0.7% last month, putting the core PPI at 6.9%, still the largest gain on record.
The estimated gains were for 0.4% and 7.2%, respectively, indicating the monthly gain was faster than estimates but the year-over-year one was slightly slower, CNBC also reports.