Producer prices rise at record 9.6% rate in November

Producer prices increased 9.6% for the year ending in November, marking it the fastest pace on record, according to a report on producer costs by the Bureau of Labor Statistics.

The high numbers in Tuesday’s producer price index report eclipsed predictions by forecasters and were the highest in the gauge’s 11-year history. The numbers signaled that inflationary pressures are even worse than most economists think. The news came just days after a report for the month of November found that consumer prices increased at the fastest annual rate in 39 years.