Producer Prices Grew by 10.8% in May
Jose Nino
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Joe Biden’s America is one marked by rising inflation and overall lowering of living standards.
According to a news release published on June 14, 2022, the prices that businesses in the United States charged have increased by 10.8% in May compared with a year ago.
John Carney of Breitbart News noted that this is the sixth consecutive month “of the government’s producer price inflation gauge running at or above 10 percent.”
The Department of Labor said that the PPI for final demand grew by 0.8% in May compared to April’s numbers.
Economists projected an annual increase of 11% and a monthly increase of 0.8%.
Government figures indicated that the index grew by 10.9% year over year in April. In March, the year over year growth rate was 11.5%, which Carney noted was “the worst pace of PPI inflation in decades.”
Overall, things aren’t looking so hot for the US economy. The Biden administration has done nothing to address DC’s big spending ways nor implement monetary reforms that contain inflation and move towards sound money.
The only hope of getting to such a point of economic rationality is by having right-wing populists take control of Congress. The 2022 midterms is a good place to start.
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