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Many Businesses Expect to Hike Selling Prices in Face of Higher Input Costs: Fed

Amnon Free Press/Central Press Syndicate, USA. Read, Enjoy and Share the Latest US News Updates.

A number of American businesses facing supply-crunch-driven inflation in input costs say they expect to pass on higher prices to consumers, according to the Federal Reserve. Producer price inflation and its potential spillover onto store shelves is one the themes from the Fed’s most recent version of the “Beige Book,” released on Wednesday, which provides an economic snapshot of the United States from early July through August, based on reporting from the central bank’s 12 districts. Resource shortages were “pervasive” and input price pressures “widespread,” with many businesses reporting difficulty sourcing key inputs even at greatly increased prices, the report said. “Firms have continued to report exceptionally widespread increases in input prices—particularly in the construction, manufacturing, wholesale trade, and transportation and warehousing industries,” the report’s authors wrote, adding that contacts in all sectors expect widespread input price hikes for the rest of the year. Half of the districts described input …

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