Wholesale prices in November increased at their fastest pace on record, the Labor Department reported on Tuesday.
The producer price index, for what the federal government calls “final demand,” rose 0.8 percent in November and increased a whopping 9.6 percent over the last year, Just the News reports.
Economists predicted an annual increase of 9.2 percent.
Excluding food, energy and trade services, product or wholesale prices increased 0.7 percent last month, putting the core PPI at 6.9 percent, still the largest gain on record
