Businesses saw the prices of goods they sell rise a record 9.7 percent in 2021, the fastest full-year increase in prices in records going back to 2010.
The Labor Department reported Thursday that its Producer Price Index rose two-tenths of a percentage point in December. That’s a slowdown from November, when prices rose one percent, and October, when prices rose six-tenths of a percentage point.
The 12-month increase in producer price inflation of 9.7 percent was also lower than a revised 9.8 percent increase for the 12 months ending in November. However, the government uses the December to December change for the yearly increase and on that basis the 9.7% rise was the fastest annual jump on record, far above the 0.8 percent