A reading of prices of goods manufactured in New York State hit a new record high in November, data from the Federal Reserve Bank of New York showed Monday.
The figures indicate that instead of fading in the final months of the year, inflationary pressures are mounting and prices are likely to continue to rise for quite some time. High inflation is adding to doubts on the part of some Democratic lawmakers—most notably Senator Joe Manchin (D-WV)—about the wisdom of the trillions of new spending included in the Biden administration’s Build Back Better bill.
The New York Fed said its measure of prices received by manufacturers rose to 50.8, the highest ever recorded. The average score in the index over the past 20