Price rises widespread across U.S. due to supply disruptions: Federal Reserve
Updated: 2021-12-02 07:26:24 KST
In its latest Beige Book report,.. the Federal Reserve says the U.S. economy grew at a moderate pace in November, but price hikes were widespread across all business sectors.
The Fed attributed the cost increases to strong demand for raw materials, logistical disruptions and a tight labor market.
It noted that these factors are raising uncertainty, although the outlook for overall activity remains mostly positive.
The report comes as President Biden on Wednesday pledged to alleviate supply-chain disruptions.
Speaking at the White House, he said higher inflation is a "natural byproduct" of the global economy's recovery from the pandemic.