The producer price index recovered in January to be higher than expected to start 2023.
Two days ago, the Consumer Price Index rose more than analysts had predicted on Valentine’s Day. CPI rose 6.5%. This is more than the previous year. Prices have risen sharply since Biden took office.
This is why every American sees their dollars not going as far as they did when President Trump was in office. Under President Trump, the annual rate of inflation has been flat at 1%. It was no problem.
Since Biden took office, the average American family has been “stressed, strained and broke” financially.
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Biden Economy: Inflation Rises 6.4% – More Than Expected – “Household Budgets … Stressed, Stressed and Broken”
The PPI numbers for January were released this morning and they were also higher than expected. CNBC reported this morning:
Inflation at the wholesale level revived in January, as producer prices rose more than expected at the start of the year, the Labor Department said on Thursday.
The producer price index, a measure of what raw goods bring to the open market, rose 0.7% for the month, the biggest increase since June. Economists polled by Dow Jones were looking for a 0.4% increase after a 0.2% decline in December.
Excluding food and energy, core PPI rose 0.5%, compared to expectations for a 0.3% increase. Excluding trade services grew 0.6% against the original 0.2% estimate.
Rick Santelli points out that inflation is hot no matter how you look at it.
January #PPI Comes hotter than expected. @Ricsantelli Breaks down the numbers: pic.twitter.com/AH0FgkD6US
— Squawk Box (@SquawkCNBC) February 16, 2023
When a clown is put in power, expect a clown show. Americans don’t find it funny.