Inflation Surges Past Expectations Again

In one of the final economic reports of 2022, the Biden administration again saw the fruit of its "build back better" policy efforts in the Producer Price Index's hotter-than-expected read for November. 

The PPI report — measuring inflation upstream from consumers — showed an increase of 0.3 percent in November's headline number for an advance of 7.4 percent over the previous 12 months while 7.2 percent PPI inflation had been the consensus estimate. 

Among the items that drove inflation past estimates, specifically in the increased costs for final demand goods, was the index for fresh and dry vegetables that spiked 38.1 percent in November, while prices for eggs and meats also increased.