Another Disastrous Inflation Report Shows Prices Set to Keep Spiking

Townhall

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Producer prices jumped 9.7 percent in the last twelve months and increased one percent in January according to the latest release from the Bureau of Labor Statistics as inflation continues to run red-hot on President Biden’s watch and “blew past investor expectations” according to MarketWatch. “Oof,” indeed.

The Producer Price Index, a gauge on prices paid for the goods used to make final products — such as metals and lumber for frames, grains for cereal, and even the glue used to package a product or the foil safety seal on jars of peanut butter — is a measure of inflation upstream from American shoppers. And that means an increase of nearly ten percent in what it costs manufacturers and producers to get the goods they need to fulfill consumer demand means Americans are sure to see prices continue to spike.

January’s one percent increase doubles the forecast of 0.5 percent month-over-month, and the 9.7 percent year-over-year number beat the 9.1 percent forecast as inflation growth outpaces even what experts expected.

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