In its latest Beige Book released on Wednesday,.. the Federal Reserve says, the U.S. economy grew at a moderate pace in November, while price hikes were widespread across all business sectors.
The U.S. central bank attributed wide-ranging input cost increases to strong demand for raw materials, logistical disruptions and labor market tightness.
The Fed noted that these factors are raising uncertainty, although the outlook for overall activity still remained positive in most Fed Districts.
The report comes as the U.S. President Joe Biden on Wednesday pledged to alleviate supply-chain disruptions during his White House speech.
He said higher inflation is a (quote) "natural byproduct" of the global economy's recovery from the pandemic.