Wholesale inflation surges beyond expectations to 11.3%. Experts thought it would go to 10.7%.
The Labor Department said Thursday that its producer price index (PPI), which measures inflation at the wholesale level before it reaches consumers, climbed 11.3% in June from the previous year. On a monthly basis, prices grew by 1.1%.
Both of those figures are higher than the 10.7% annual and 0.8% monthly estimates from Refinitiv economists, underscoring just how strong inflationary pressures still are.
Core inflation at the wholesale level, which excludes the more volatile measurements of food and energy, increased 0.3% for the month, following a 0.4% increase in April and May. Over the past 12 months, core prices climbed 6.4%.
The CPI is at 9.1%.
Brutal!
BRUTAL:
9.1% CPI
11.3% PPI
EVEN WORSE:
Almost 4% decline in year-over-year wage growth.
I joined @Varneyco on Fox Business to discuss why the Fed will continue to raise interest rates while hurting wage growth. pic.twitter.com/5q58bqTfEN
— David Nicholas (@DavidANicholas) July 14, 2022
You can comment on the article after the ads and subscribe to the Daily Newsletter here if you would like a quick view of the articles of the day and any late news:
Look, let’s be sensible. Inflation is headed to 20% or more. The average person with a variable mortgage will be evicted by the big banking systems with in 2 years. If you voted for Biden you deserve this. If you stuffed ballot boxes for Biden you should lose your citizenship and be deported. (Perhaps Venezuela, Cuba or Iran will take you?) Why should good people pay for you to be in prison? But what about those of us who are innocent, especially pensioners whose spendable income will soon be halved?
The strange predictions of Civil War within 10 years don ‘t look quite so strange anymore. Were the Mad Max movies prophetic?
Personally I am sustained by the God of Love who sent His So Jesus, and promises us that no matter how bad the conditions on earth get, we can loo, forward to the Paradise of Heaven.
We are already over 20% in real Inflation; if we count it as we did back in the 1970s. Election Fraud is Treason and should be dealt with as such. We hang people for Treason!