COVID-19: US producer prices continue to boom
US producer prices grew at their highest rate in 11 years in August 2021, increasing by 8.3% y/y from 7.8% y/y in July on the back of the continuous supply chain bottlenecks caused by the COVID-19 pandemic.
Shortages of raw material supplies have been persistent since the beginning of the year and have been affecting the industrial sector not only in the US, but also globally. On a more positive note, the m/m producer price increase has decelerated to 0.6% in August compared to 1% increases in the previous two months.
Further data and analysis on the US economy are available on the CEIC US Economy in a Snapshot – Q3 2021 report.