Inflation remains high, wholesale rate up 7.4 percent on an annual basis in November

As the song says, it will be a Blue Christmas. 

From Fox Business:

Inflation at the wholesale level rose more than expected in November as prices for everyday necessities remain at a multi-decade high.

The Labor Department said Friday that its producer price index, which measures inflation at the wholesale level before it reaches consumers, rose 0.3% in November from the previous month. On an annual basis, prices soared 7.4%.

That is down from the 8% reading recorded in October and marks the lowest reading since May 2021.

Still, those figures were both higher than the 7.2% headline figure and 0.2% monthly gain forecast by Refinitiv economists, a worrisome sign for the Federal Reserve as it seeks to cool price gains and tame consumer demand with the most aggressive interest rate hike campaign since the 1980s.

Excluding food, energy and trade services, inflation at the wholesale level increased 0.3% for the month — up from a 0.2% gain in October. Over the past 12 months, core prices climbed 4.9%.