Producer Prices Surge to Record Highs in New York, Reinforcing Consumer Inflation Concerns

Producer Prices Surge to Record Highs in New York, Reinforcing Consumer Inflation Concerns
U.S. one dollar banknotes in front of displayed stock graph in this illustration taken on Feb. 8, 2021. Dado Ruvic/Reuters
Tom Ozimek
Tom Ozimek
Reporter
|Updated:

A new report by the New York Federal Reserve showed that May manufacturing prices in New York state soared to record highs, providing yet another data point in support of the view that more consumer price inflation may be on the horizon.

The monthly Empire State Manufacturing Survey, released Monday, shows that both input prices and selling prices rose at a record-setting pace in May. The survey’s prices paid index hit a record 83.5 in May, while the prices received index rose to 37.1, also the highest level in the history of the series.
Tom Ozimek
Tom Ozimek
Reporter
Tom Ozimek is a senior reporter for The Epoch Times. He has a broad background in journalism, deposit insurance, marketing and communications, and adult education.
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