Producer price inflation rose to 10.0% in February — the largest year-over-year increase in US history. It was another Joe Biden record. T...
Producer price inflation rose to 10.0% in February — the largest year-over-year increase in US history.
It was another Joe Biden record.
They seem to keep piling up.
This was the largest annual increase in history.
Producer price index inflation today = Consumer price index tomorrow
The Washington Examiner reported:
Producer prices increased a blistering 10% for the year ending in February, according to a report Friday from the Bureau of Labor Statistics, the highest on record.
The inflation rate in Tuesday’s producer price index report was up 0.2 percentage points from the previous month and the highest in the gauge’s 11-year history.
Tuesday’s news signals more pain to come for households. The producer price index gauges the wholesale prices of goods, which are eventually passed down to consumers.
The news came just days after a report for the month of February found consumer prices increased by 7.9% — the fastest annual rate in four decades. The high rate of inflation has damaged President Joe Biden politically and undercut support for his spending proposals.
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