U.S. businesses are experiencing escalating inflation that is being aggravated by a shortage of goods and likely will be passed onto consumers in many areas, the Federal Reserve reported Wednesday.
In its periodic "Beige Book" look at the nation's economic picture, the central bank also reported that growth overall had "downshifted slightly to a moderate pace" amid rising public health concerns during the July-through-August period that the report covers.
"With pervasive resource shortages, input price pressures continued to be widespread," the report said.
Businesses reported "substantial escalation in the cost of metals and metal-based products, freight and transportation services, and construction materials," though timber moved lower.
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