Producer prices in US surge in June, exceeding forecasts ...Qatar

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Producer prices in US surge in June, exceeding forecasts
source : Gulf Times ( Qatar ) () 11
US producer prices surged in June, leading to the largest annual gain in more than 10-1/2 years, suggesting inflation could remain high as robust demand fuelled by the economy’s recovery from the Covid-19 pandemic strains the supply chain. The report from the Labor Department on Wednesday followed on the heels of news on Tuesday that consumer prices increased by the most in 13 years in June. There are, however, signs that inflation is close to peaking. Underlying producer prices rose at a moderate pace on a monthly basis in June. Federal Reserve Chair Jerome Powell in remarks prepared for delivery at a congressional hearing on Wednesday said “inflation has increased notably and will likely

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