Labor Department data shows an 8.3 percent year-over-year increase in inflation at the wholesale level versus August 2020. The leap is the largest since the Department began tracking in 2010.
The Producer Price Index was up 0.7 percent in August, following one percent increases in both June and July.
The recession brought about by the pandemic, along with COVID-related supply chain impacts, are partly to blame for price spikes.
Core producer prices, which exclude food and energy, were up 0.6 percent from July levels and up 6.7 percent year-over-year. (Source)