Newly compiled data from the Federal Reserve shows that inflation is hurting businesses, costing consumers, and likely not going away anytime soon.
The Federal Reserve released its "Beige Book," a report that compiles reports from "Bank and Branch directors and interviews with key business contacts, economists, market experts, and other sources" from the 12 Fed districts around the country.
According to the latest report, those contacts agreed that inflation would continue for months.
"Inflationary pressures remained strong since the last report, with firms continuing to pass swiftly rising input costs through to customers," the report said. "Contacts across Districts, particularly those in manufacturing, noted steep increases in raw materials, transportation, and labor costs."
The Federal Reserve released its "Beige Book," a report that compiles reports from "Bank and Branch directors and interviews with key business contacts, economists, market experts, and other sources" from the 12 Fed districts around the country.
According to the latest report, those contacts agreed that inflation would continue for months.
"Inflationary pressures remained strong since the last report, with firms continuing to pass swiftly rising input costs through to customers," the report said. "Contacts across Districts, particularly those in manufacturing, noted steep increases in raw materials, transportation, and labor costs."
