Producer Prices Surge 7.3% Over Past 12 Months

According to U.S. Labor Department data, producer prices for final-demand goods and services have increased 7.3% over the past 12 months — the largest increase on record. Prices for industrial chemicals rose 4.5% last month alone, while prices for gasoline, meats, electric power, processed poultry, and motor vehicles also moved higher. Meanwhile, consumer prices increased 5.4% over the past 12 months.

Several CEOs have sounded the alarm on inflation, with JPMorgan Chase’s Jamie Dimon saying it “could be worse than people think.” Chad Moutray, chief economist for the National Association of Manufacturers, says continued inflation “will put pressure on the Federal Reserve, likely accelerating its plans for tapering asset purchases and increasing interest rates.”

According to analysis by OMA Connections Partner RSM, consumer prices will likely peak in the fall. The firm adds: “If one is a middle-market firm manager … this is a good starting point for a rational conversation around inflation risk and any prospective policy changes.” 7/15/2021

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