Increase in Food Costs Drives Rise in Inflation
(The Center Square) – Newly released inflation data shows a rise in producer prices. The U.S. Bureau of Labor Statistics on Thursday released its Producer Price index, a key marker of inflation, which rose 0.4% in November. The November increase is part of a 3% increase in the past year, which BLS pointed out is “the largest rise since moving up 4.7% for the 12 months ended February 2023.” Much of the PPI was driven by a rise in food prices, most notably the cost of eggs. “A quarter of the November rise in prices for final demand goods is attributable to a 54.6-percent jump in the index for chicken eggs,” BLS said. “Prices for fresh and dry vegetables, fresh fruits and melons, processed poultry, non-electronic cigarettes, and residential electric power also increased.”
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