Wholesale inflation surges beyond expectations to 11.3%. Experts thought it would go to 10.7%.
The Labor Department said Thursday that its producer price index (PPI), which measures inflation at the wholesale level before it reaches consumers, climbed 11.3% in June from the previous year. On a monthly basis, prices grew by 1.1%.
Both of those figures are higher than the 10.7% annual and 0.8% monthly estimates from Refinitiv economists, underscoring just how strong inflationary pressures still are.
Core inflation at the wholesale level, which excludes the more volatile measurements of food and energy, increased 0.3% for the month, following a 0.4% increase in April and May. Over the past 12 months, core prices climbed 6.4%.
The CPI is at 9.1%.
Brutal!
BRUTAL:
9.1% CPI
11.3% PPI
EVEN WORSE:
Almost 4% decline in year-over-year wage growth.
I joined @Varneyco on Fox Business to discuss why the Fed will continue to raise interest rates while hurting wage growth. pic.twitter.com/5q58bqTfEN
— David Nicholas (@DavidANicholas) July 14, 2022
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