Inflationary pressures in Texas rose even higher in March, a survey released Monday by the Federal Reserve Bank of Dallas showed.
The Dallas Fed’s monthly Manufacturer Survey index of prices paid for commodities rose six-tenths of a point to 74, with 77.7 percent of respondents saying prices were up for the month. The expectation index for commodities also rose 6.9 points to 58, with 60.5 percent of manufacturers saying they expect higher prices in six months.
The index, which tracks the prices of finished goods, rose 3.2 points to 47.8. Price expectations rose 13.8 points to 59.2, the highest level ever recorded in data dating back to June 2004. The previous record high was 57.8 in the summer of 2008.
The production index, a key measure of government production conditions, fell slightly to 13.2
The general business activity index unexpectedly fell five points to 8.7, below Wall Street’s expectation for March of 12.5. The corporate outlook index fell 7.1 points to minus 0.7 points, indicating companies were almost evenly split on whether their outlook improved or worsened over the past month, according to the Dallas Fed.
The wages and benefits index shot up 11 points to a new high of 55.2.