It seems every time we turn around, Biden’s economy is breaking another record in a bad way. Today we are finding out that wholesale prices have just risen the fastest ever on record:
JUST IN – U.S. producer price inflation jumps 9.6% year over year in November, much higher than expected and highest increase on record.
— Disclose.tv (@disclosetv) December 14, 2021
CNBC – Wholesale prices increased at their quickest pace on record in November in the latest sign that the inflation pressures bedeviling the economy are still present, the Labor Department reported Tuesday.
The producer price index for final demand products increased 9.6% over the previous 12 months after rising another 0.8% in November. Economists had been looking for an annual gain of 9.2%, according to FactSet.
Excluding food and energy, prices rose 0.7% for the month, putting core PPI at 6.9%, also the largest gain on record. Estimates were for respective gains of 0.4% and 7.2%, meaning the monthly gain was faster than estimates but the year-over-year measure was a bit slower.
Those numbers come with headline consumer prices running at their fastest pace in nearly 40 years and core inflation the hottest in about 30 years.
Not only is Biden’s economy going in the wrong direction, according to CNBC’s Steve Liesman (what a name!), there is no sign that inflation is going to ease up:
I was just at the store yesterday and noticed that the milk I like to buy is now $6.20. It used to be $4.99.
So hey, I have an idea. Let’s spend another $3 trillion and everything will be fine.