July’s Producer Price Index (PPI), at the final demand level, showed the largest year-over-year percentage increase since the Bureau of Labor Statistics (BLS) began publishing the data set in November 2010.
Domestic producer prices have faced steady upward pressure across most industries since the COVID-19 recovery began due to broad increases in transportation, wage and component cost.
One factor contributing to the steady rise is the growing cost of imported goods. According to the BLS, the price of imports has increased 10.2 percent since July 2020.
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— Compiled by Business Editor Joe Crews
It wasn’t Covid that caused the inflation. It was the I’ll advised government response to Covid that’s led to record inflation.