Wholesale Prices Rise Higher Than Expected
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Joe Biden’s economic agenda is not working
Wholesale prices rose 0.3% for the month.
This is higher than was expected.
A measure of wholesale prices rose more than expected in July, countering recent trends showing that inflation pressures are easing.
The producer price index, which gauges the costs that goods and services producers receive for their products as opposed to those that consumers pay, rose 0.3% for the month, the Bureau of Labor Statistics reported Friday.
Excluding food and energy, core PPI also increased 0.3%.
Economists surveyed by Dow Jones had been expecting an increase of 0.2% for both readings. Excluding food, energy and trade services, PPI increased 0.2%.
Biden recently admitted that his inflation reduction act had less to do with reducing inflation than he previously claimed.
President Biden admitted Thursday that Democrats’ signature Inflation Reduction Act wasn’t as much about actually reducing the then-record-high inflation facing the nation as he originally touted to the American people.
“I wish I hadn’t called it that. It has less to do with reducing inflation than it does providing for alternatives that generate economic growth,” Biden said during an appearance at a campaign fundraiser in Park City, Utah according to the press pool report.
“And so, we’re now in a situation where if you take a look at what we’re doing in the Inflation Reduction Act, we’re literally reducing the cost of people being able to make their — meet their basic needs,” Biden said.
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