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Inflation Nation: Businesses Say Prices Rising at ‘Unprecedented Rate’

AP Photo/Evan Vucci



Strong economic growth in the services and manufacturing sector is pushing prices up at an “unprecedented rate,” surveys of executives in both the manufacturing and services sector indicated Friday.

The flash reading of the IHS Market U.S. composite purchasing managers index unexpectedly jumped to a record high 68.1 in May from 63.5 in April, according to survey data released Friday. Analysts had expected the index to move sideways or slightly downward after hitting records in April.

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