Wholesale prices rose more than expected in November as food prices surged, dampening hopes that inflation could be headed lower, the Labor Department reports.
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"The monthly increase in producer prices illustrates the need for continued tightening, albeit at a slower pace," said Jeffrey Roach, chief economist at LPL Financial."The inflation pipeline is clearing and consumer prices will slowly move closer to the Fed's long run target." On the goods side, the index rose just 0.1%, a steep decline from its 0.6% October gain. That modest gain came despite a 38.1% acceleration in prices for fresh and dry vegetables. Prices moved higher across multiple food categories even as the gasoline index tumbled 6%.
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