Inflation Near Record in Biden’s Backyard

Price increases remain widespread in the U.S. mid-Atlantic region, a survey conducted by the Federal Reserve Bank of Philadelphia showed on Thursday.

The Philadelphia Fed said that manufacturers continued to raise prices on products and faced higher prices on materials in September, although this impact had somewhat narrowed from the multi-decade highs hit in August. The easing of inflationary pressures was accompanied by a drop in demand for the goods produced by manufacturers.

The share of manufacturers reporting charging higher prices for products fell to 54.8 percent from 56.4 percent and the share reporting lowering prices also declined to 1.8 percent from 2.5 percent. The share reporting no change in prices rose to 41.6 percent from 39.5 percent. The diffusion index for prices received by manufacturers fell one point to 52.9.

The August figure was the highest reading since 1974. Apart from the prior month, the September reading is the highest since 1980.