Prices jumped 7.3% from a year ago and accelerated by the most on record in June, Fox Business reports.
A year ago, everything was shut down.
The producer price index for final demand rose 1%, accelerating from a 0.8% increase in May and a 0.6% increase in April, the Labor Department said Wednesday. Analysts surveyed by Refintiiv had expected a 0.6% increase.
Prices rose at a 7.3% annual pace, ahead of the 6.8% pace that was expected and up from a 6.6% increase in May.
Steve Forbes, the chairman an editor-in-chief of Forbes Media, has argued that the Federal Reserve’s policies have led to long-lasting inflation and more government spending will only make it worse on FOX Business’ “Varney & Co.”
“Inflation’s here for a while. We’re getting the whirlwind of what was done last year and the year before. Even before COVID, the Fed was printing too much money. They went on a binge last year, perhaps for understandable reasons, but they overdid it. ”
On that note, the Democrats plan to spend $4.5 trillion without one Republican vote and they’re not done yet.
Stocks go down as inflation goes up.
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