U.S. Producer Prices Jump 5.4% as Diesel Hits Record $5.98 a Gallon
Updated
Updated · News10NBC · Sep 10
U.S. Producer Prices Jump 5.4% as Diesel Hits Record $5.98 a Gallon
3 articles · Updated · News10NBC · Sep 10
Summary
U.S. producer prices rose 5.4% from a year earlier, signaling mounting cost pressure that businesses may soon pass on to consumers.
Diesel at a record $5.98 a gallon and surging natural gas prices drove the increase, lifting trucking, farm fuel and fertilizer costs across the supply chain.
Farmers said the squeeze has spread from equipment fuel to feed hauling and milk shipments, while the New York Farm Bureau cited a survey showing 70% of Northeast farmers could not afford fertilizer prices this year.
Friday’s consumer inflation report is expected to show CPI holding at 3.4%, a reading that could help determine whether the Federal Reserve raises interest rates next week.