Producer prices jump an unprecedented 8.3%

Inflation at the wholesale level climbed 8.3 percent last month from August 2020, the biggest annual gain since the Labor Department started calculating the 12-month number in 2010. The Labor Department reported Friday that its producer price index — which measures inflationary pressures before they reach consumers — rose 0.7 percent last month from July after increasing 1 percent in both June and July. Inflation has been stirring as the economy recovers from last year’s brief but intense coronavirus recession. Supply chain bottlenecks and a shortage of workers have pushed prices higher.