New wholesale inflation numbers from September are in and once again prove the rapid increase in prices for everyday items isn’t “transitory” as President Joe Biden has repeatedly claimed.
Wholesale prices rose by 8.6 percent compared to September 2020, matching the largest increase on record.
“The Labor Department reported Tuesday that its producer price index — which measures inflation before it hits consumers — rose 0.6% last month from September, pushed higher by surging gasoline prices. Excluding volatile food and energy prices, wholesale inflation was up 0.4% in October from September and 6.8% from a year ago,” the Associated Press reports. “More than 60% of the September-October increase in overall producer prices was caused by a 1.2% increase in the price of wholesale goods as opposed to services. A 6.7% jump in wholesale gasoline prices helped drive goods prices up.”
Bidenflation keeps on roaring.
For 8 months in a row, annual wholesale price increases have hit new record highs.
In October, it matched the record high set the month before, spiking 8.6% from a year ago. pic.twitter.com/DnpALnriaM
— Tommy Pigott (@TommyPigott) November 9, 2021
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