Joe Biden once again set an inflation record – and not in a good way.
Producer prices rose 10% for the year ending in February.
This is the highest ever recorded.
Producer prices increased a blistering 10% for the year ending in February, according to a report Friday from the Bureau of Labor Statistics, the highest on record.
The inflation rate in Tuesday’s producer price index report was up 0.2 percentage points from the previous month and is the highest in the gauge’s 11-year history.
Tuesday’s news signals more pain to come for households. The producer price index gauges the wholesale prices of goods, which are eventually passed down to consumers.
The news came just days after a report for the month of February found consumer prices increased by 7.9% — the fastest annual rate in four decades. The high rate of inflation has damaged President Joe Biden politically and undercut support for his spending proposals.
The Palmieri Report is a Pro-America News Outlet founded by Jacob Palmieri. The Palmieri Report is dedicated to giving people the truth so that they can form their own informed political opinions.
Follow us on social media:
Listen to our Daily News Podcast!