August was yet another month of crazy inflation under the Biden administration!
Isn't it great to be setting new records??
Prices that producers get for final demand goods and services surged in August at their highest annual rate since at least 2010, the Labor Department reported Friday.
The producer price index rose 0.7% for the month, above the 0.6% Dow Jones estimate, though below the 1% increase in July.
Yay!!!
I love it when the realities of objective truth – in this case basic lessons in economics – come around to smack us in the head.
On a year-over-year basis, the gauge rose 8.3%, which is the biggest annual increase since records have been kept going back to November 2010. That came following a 7.8% move higher in July, which also set a record.
I hope y'all aren't getting too attached to those Benjamins.
Excluding food, energy and trade services, final demand prices increased 0.3% for the month, below the 0.5% Dow Jones estimate. Still, that left core PPI up 6.3% from a year ago, also the largest record increase for data going back to August 2014.
I'm sure this will stop the insane spending on Capitol Hill and the crazy printing of the Treasury!!
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