Key Inflation Indicator Surges to New High

Key Inflation Indicator Surges to New High

Joe Biden and Kamala Harris inherited an economy on track to make a full recovery. Now, they continue to ignore warning signs on spending and inflation, setting American families up for economic pain.

June 15, 2021
Key Inflation Indicator Surges to New High

Over the last 12 months, the producer-price index has surged 6.6% – the fastest increase on record and a larger jump that experts estimated. The producer-price index measures changes in prices as products move through the economy and to consumers, directly impacting families’ pocketbooks.

Wall Street Journal: “The recent increases in PPI may indicate that businesses are passing on these higher production costs to customers, some of which are translating to higher retail price tags on store shelves across the country.”

This is just the latest indicator that Joe Biden and Kamala Harris’ out-of-control spending is driving inflation to new highs. Earlier this week it was reported that the core-price index rose 3.8%, the largest increase since 1992.

GOP Leader Kevin McCarthy: Our grocery bills are rising too. Milk, bacon, and meat, just to name a few, are now more expensive than recent years. Several companies, like General Mills, have explicitly warned they will soon be forced to raise prices on their products as ingredients get more expensive. Hormel Foods already did – just look at Skippy peanut butter.

Overall, consumer costs have risen by the highest rate in 13 years. This inflation is a tax on Americans and is directly related to the Democrats’ reckless policies.

While Republicans continue to sound the alarm, Joe Biden and the Democrats are moving full-speed ahead with their reckless $6 trillion spending plan that will push the price of goods and services even higher. Additionally, Biden’s plan includes huge tax increases on businesses and families still recovering from the pandemic while also pushing the national debt to the highest levels ever.

Bottom Line: Joe Biden and Kamala Harris inherited an economy on track to make a full recovery. Now, they continue to ignore warning signs on spending and inflation, setting American families up for economic pain.