U.S. businesses are finding it easier to pass on increased costs to their customers and expect to keep raising prices in the months ahead, the Federal Reserve said on Wednesday.
The Fed, in its latest Beige Book report that collects business anecdotes from around the country, said that prices charged to customers increased at a “robust pace” across the United States. A few districts even reported an acceleration of prices.There is also no indication that the favored narrative of the Biden administration–that prices have been pushed up by corporate greed and monopolistic profits–is supported by data.
Demand remains strong despite the increases, bolstering the confidence of businesses that they will be able to continue to pass on higher costs. This makes businesses more willing to pay higher prices charged by their suppliers, locking in place a strong inflation feedback loop.
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