Fox Business reports that inflation at the wholesale level is up more than expected, and prices for everyday necessities remain at a multi-decade high, squeezing businesses and millions of American households.
The Labor Department said Wednesday that prices at the wholesale level rose 0.4% in September from the previous month. On an annual basis, prices soared 8.5%. That is down from the 8.7% recorded in August and marks the lowest reading since July 2021.
The forecasters expected 8.3%. This will worry the ineffective Feds.
Prices are not slowing down, and the mystery is why anyone would think they’d slow down as Biden steps on the gas with his bad policies.
ANOTHER inflation index showing that prices are NOT slowing down…
Producer Price Index rose by 8.5 percent since last year, coming in above economists’ expectations. https://t.co/EtDhe1Au00
— Nathan Brand (@NathanBrandWA) October 12, 2022
Excluding food, energy, and trade services, inflation at the wholesale level increased 0.4% for the month – the fastest gain since May. Over the past 12 months, core prices climbed 5.6%.
Good prices jumped 0.4% last month after declining 1.1% in August. The bulk of the increase – about 60% – can be traced to a 1.2% monthly price surge for food, including a stunning 15.7% advance in the cost of fresh and dry vegetables, according to the Labor Department.
Energy prices, meanwhile, climbed 0.7%, despite a 2.0% drop in the cost of gasoline. That is largely due to the increased cost of diesel fuel, residential natural gas, and home heating oil.
The average gas price in Florida is $3.34, and the average in California is $6.28. No word from our future president Gavin Newsom.
Biden plans to continue draining the reserves until after the election and he failed at convincing Saudi Arabia to not cut oil production.
Meanwhile, the services index advanced 0.4% in September, the fifth consecutive rise. Most of the September increase can be attributed to a 0.6% rise in the index for final demand services, excluding trade, transportation, and warehousing. Prices for final demand transportation and warehousing services fell 0.2%.
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