Biden’s America: Wholesale Inflation Remains Near 40-Year-High – Climbs 11%
Joe Biden’s economy is setting records for all the wrong reasons.
Wholesale inflation rose 11% in the month of April – keeping it near a 40-year-high.
Wholesale prices on an annual basis cooled for the first time in months in April but rose more than expected as inflation continued to hover near a 40-year high as a result of strong consumer demand, pandemic-related supply chain snarls and the Russian war in Ukraine.
The Labor Department said Thursday that its producer price index, which measures inflation at the wholesale level before it reaches consumers, climbed 11% in April from the previous year. On a monthly basis, prices grew by 0.5%.
Inflation overall was higher than expected in April.
Inflation retreated in April but remained higher than forecast.
The Department of Labor said Wednesday that the Consumer Price Index rose 8.3 percent compared with a year ago. Prices were up 0.3 percent compared with the prior month.