The PPI, a key indicator of inflation, shoots up and reaches record levels

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New York (CNN Business) ––

A key inflation indicator reveals that US prices continued to rise in November, as pandemic-era supply chain chaos and labor shortages continue.

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The producer price index (PPI), which tracks the changes in average sales prices received by domestic producers over time, increased 9.6% during the 12 months ending in November.

This is the largest increase since the data series was first calculated in November 2010, according to the Bureau of Labor Statistics.

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If prices received for food, energy and commerce services are excluded, the index still shoots 6.9% during the same period, the largest increase since August 2014.

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November's price increases were extensive, but some categories stood out.

In the services sector, prices for financial products increased, including portfolio management and investment advice.

The prices of freight and mail also rose.

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However, the prices received for the goods actually increased at a slightly slower rate in November compared to the previous month.

However, scrap iron and steel costs increased 10.7%.

In addition, the prices of gasoline, fresh fruits and vegetables were also on the rise.

Inflation