Wholesale inflation surges 11.3% in June, accelerating more than expected
By HatetheSwamp July 14, 2022 7:01 am Category: President
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The Labor Department said Thursday that its producer price index, 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 0.5% 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%. Economists lauded the potential slowdown in core inflation increases, suggesting it could be a sign that consumer prices are beginning to moderate.
According to President Clouseau, mom and pop gas station owners are the problem.
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The Labor Department said Thursday that its producer price index, 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%.