I don't think most of us normal people need reminding that prices are still absurdly high and only seem to be getting higher.
But our elites certainly shouldn't forget it.
US wholesale inflation shot higher last month, an unwelcome sign that some prices could be heating up before they come down the pike to consumers.
The Producer Price Index, a measurement of average price changes seen by producers and manufacturers, rose 0.4% on a monthly basis and 3% for the 12 months ended in November, marking an acceleration from October, when prices increased 0.3% and 2.6%, respectively, according to Bureau of Labor Statistics data released Thursday.
October's monthly and annual rates were both revised higher from their initial estimates.
You hear that? Inflation is so high that they're revising it upward from two months ago.
I don't know about you but this is me basically every time I go to the grocery store:
Unsurprisingly, food prices were a large part of the spike, with one key item in particular driving that rise:
[F]ood prices also surged last month by 3.1% — the category's largest monthly spike since November 2022. The index for chicken eggs, which soared 54.6% from October was the biggest culprit and accounted for a quarter of the overall monthly jump in the PPI.
Eggs, of course, are in countless other products, meaning a spike in egg prices will likely generate a price hike in just about everything on the shelves.
And remember, there have been other warning signs as well:
January 20 cannot get here fast enough.
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