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Wholesale inflation rose in March to three year-high
Fast-rising oil prices sent US businessesâ costs higher in March, lifting wholesale inflation to 4%, the highest annual rate in three years, according to Bureau of Labor Statistics data released Tuesday.
The Producer Price Index, which measures the average change in prices received by producers of goods and services, rose 0.5% from February, the same pace seen the month before. A 15.7% rise in gasoline prices accounted for nearly half of last monthâs increase.
âThe quickening can be attributed to energy inflation, or the oil shock associated with the war in Iran; but wholesale inflation was on a bit of a tear before the conflict in Iran began, rising month over month since November,â Elizabeth Renter, senior economist at NerdWallet, wrote in commentary issued Tuesday.
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Opinion | Prices Are High. Here’s One Reason Not to Panic.
Mr. Furman, a contributing Opinion writer, was the chairman of the White House Council of Economic Advisers from 2013 to 2017.
The government’s latest data drop puts a big exclamation point on something you already knew: Prices for much of the stuff we all buy — gasoline, clothing, fruits and vegetables — are up sharply over just the past month. To be precise, the average cost of everything we buy is up 3.3 percent from a year before, way more than last month’s 2.4 percent rise. These numbers are pretty huge, the largest one-month jump since the pandemic.
Having to pay that much more for things we all need to buy is a big deal. This jump has wiped away almost all of the wage gains workers had made in the past year. And it comes on top of the already high prices that have made the economy feel so punishing. People have good reason to be upset.
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