finance

Inflation hits highest level in years as wholesale prices rise 8.6% in 12 months

PROMO 64J1 Finance - Inflation Graph Chart Increase Rise Percent - iStock - G0d4ather

(The Center Square) - The costs of goods and services rose at above-normal rates again in October, as new federal economic data released Tuesday show inflation continuing to impact the U.S. economy.

The Bureau of Labor Statistics reported that the producer price index, a figure that measures wholesale prices, grew another 0.6% in October, after increasing 0.7% in August and 0.5% in September. Overall, the figures show that inflation has grown 8.6% in the past 12 months ending in October, tying a record set earlier this year.