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

U.S. one dollar banknotes are seen in front of displayed stock graph in this illustration taken on Feb. 8, 2021. (Dado Ruvic/Reuters)

By Tom Ozimek

The Epoch Times

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.

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