Prices rose by 1 percent in January alone.
Data released on Tuesday by the Labor Department showed that, in January, prices rose 1 percent higher than they had been just the month before. This increase was almost twice the amount of inflation predicted by the Labor Department and other economists, setting new records and increasing pressure for both producers and consumers alike.
“The latest advance in producer prices was driven by another strong gain in goods prices, while increases in services prices continued to broaden. The combination of stubborn supply disruptions and elevated energy prices will prevent producer prices from reverting to more normal patterns until later this year,” analyzed Mahir Rasheed of Oxford Economics.
As the Lord Leads, Pray with Us…
- For discernment for the president’s economic advisors as they provide recommendations.
- For the president to seek God’s wisdom in approaching the economy.
- For Labor Department officials as they analyzed and release data.
Sources: The Hill, Politico
