Wholesale prices soared 1.4 percent in March from February to hit a record 11.2 percent annual increase. This is as widespread inflation affecting the US economy shows no signs of letting up, The Hill reports.
It’s the highest ever. Biden took a great economy and destroyed it. This will be worse than the Jimmy Carter era.
The huge jump was driven by bigger increases in prices for grains, vegetables, cooking oils, and pork — suggesting the closely watched consumer price index will soon reflect such advances, by Bloomberg Quint.
The numbers released on Wednesday follow an 8.5 percent annual rise in consumer prices announced Tuesday, the highest increase since December 1981.
The Producer Price Index (goods and services) published by the Department of Labor’s Bureau of Labor Statistics measures the price of goods and services that businesses pay to each other, while the Consumer Price Index (CPI) measures retail prices that consumers pay directly.
The producer price index went up 0.8 percent for the previous month.
Energy prices led the way higher, skyrocketing by 5.7 percent during the month, while food prices also spiked by 2.4 percent.
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From a year earlier, food prices advanced an eye-popping 16.2%, the largest increase in annual records back to 2010, the PPI data showed. “A number of the commodity-based food categories in the CPI tend to track their PPI counterparts with a lag of a month or two, so we are likely to see ongoing big increases for food prices at the consumer level,” Stephen Stanley, chief economist at Amherst Pierp.
Bloomberg Quint blames the supply chain problem and the Russia-Ukraine war but never Biden’s wild spending and his destruction of the energy sector. This problem is 100% Biden’s fault.
