Wholesale inflation hit a new peak Wednesday, following consumer price growth that also hit a new high the same day.
Between March 2021 and March 2022, the Producer Price Index (PPI), which reports inflation from wholesale companies, increased 11.2 percent on a yearly basis. That is the largest year-over-year rate for producer inflation in history, dating back to 2010. Producer prices rose 1.4 percent monthly over the past three months.
Final demand goods went up 15.7% yearly and 2.3% monthly, matching the monthly uptick in February. Wholesale food prices went up 16.2% annually, 2.4% monthly, headlined by vegetables and fruits, then grains and meat. Fresh fruit increased by 18.5% annually, and dry and fresh vegetables went up by a huge 81.5%. Wholesale grain prices increased 40.1% annually. Beef boosted up by 16% annually, and processed young chickens hit 28.6% higher. Fish rose by 19.7% year-over-year, and dairy reached 19.3%.
The Producer Price Index data were released just one day after the Bureau of Labor Statistics’ Consumer Price Index, which measures consumer inflation. The CPI rose to 8.5 percent per year, its highest level in 41 years.
While the Biden administration has tried to blame inflation on Russia’s invasion of Ukraine, labeling it “Putin’s Price Hike,” in the months since Biden took office, inflation has steadily went up since Biden entered office.
Inflation was 1.4% in Jan. 2021, and it began to rise immediately. Inflation reached 5% in May 2021, passed 6% in October, surpassed 7% in December, and rose to 7.9% by February — all before surpassing the latest record high. Russia did not attack Ukraine until February 24th.
It’s clear to anyone watching that the Biden White House does not know what it’s doing when it comes to the economy. Americans are being trapped between low wages, high prices, and high debt. The situation for the Democrats cannot hold for much longer as many Americans wait for the midterms to vote their party out of power, finally getting revenge for all their insane antics over the past two years.