“Since the pandemic, supply chains have never been the same and likely won’t normalize for at least six months,” said a report by Contingent Macro Advisors. “”Only then will we (and, more importantly, the Fed) get a true sense of the trend rate of producer inflation.″
Excluding volatile food and energy prices, so-called core producer prices rose 0.6% from July and 6.7% from a year earlier. Food prices were up 2.9% last month after falling in July. Over the past year, wholesale food prices have climbed 12.7%, including surges of 59.2% for beef and 43.5% for shortening and cooking oil. Energy prices rose 0.4% from July and are up 32.3% over the past year.