by John Carney
Breitbart.com
Manufacturers in New York saw costs climb at the fastest pace in nearly two years, according to a Federal Reserve Bank of New York survey, a troubling sign that high inflation remains embedded in the economy.
The Empire State Manufacturing Survey for February showed a sharp increase in both prices paid and prices received by producers, indicating rising costs for raw materials and goods. The index for prices paid jumped 11 points to 40.2, its highest level since early 2022. The index for prices received, a measure of what businesses are charging for their goods, also rose for a second consecutive month.
The report follows a hotter-than-expected consumer price index (CPI) reading for January and adds to growing concerns that inflation is not cooling as quickly as the Biden administration and Fed officials had expected.