Economy

Wholesale prices rose 0.3% in November, more than expected, despite hopes inflation is cooling

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Wholesale prices rose 0.3% in November, higher than expected despite hopes of cooling inflation

Wholesale prices rose more than expected in November as food prices surged, dampening hopes that inflation could be headed lower, the Labor Department reported Friday.

The producer price index, a measure of what companies get for their products in the pipeline, increased 0.3% for the month and 7.4% from a year ago, which was the slowest 12-month pace since May 2021. Economists surveyed by Dow Jones had been looking for a 0.2% gain.

Excluding food and energy, core PPI was up 0.4%, also against a 0.2% estimate. Core PPI was up 6.2% from a year ago, compared with 6.6% in October.

Stocks fell following the report after previously indicating a positive open on Wall Street. Treasury yields moved…



Source cnbc.com

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