Brady: With Record Surge in Wholesale Prices, Americans Should Brace for Even Higher Inflation Ahead
by Kevin Brady on April 13, 2022 at 2:49 PM
The Department of Labor’s Producer Price Index showed the highest surge in wholesale prices on record.
Inflation is clearly out of control, and with record higher wholesale prices for businesses -- at double digit inflation -- American workers should brace for even more pain ahead under President Biden.
There's no question that America is in a devastating wage-price spiral that is worsening each month, and will lead to a recession. Yet President Biden is still in denial -- just as he was with raging inflation the past year and the damaging worker shortage.
No one is buying your blame game, Mr. President.
- The Department of Labor's producer price index measures prices paid by businesses. It rose 1.4 percent in March and 11.2 percent from a year ago, historic highs that beat forecasts and records for data going back to 2010
- This news comes just one day after the consumer price index for March surged 8.5 percent over the past year.