Joe Biden’s America.
Wholesale prices rose ‘more than expected’ in September as inflation stays hot, hot, hot.
The producer price index (PPI) increased 0.4% in September – double what was estimated.
“Excluding food, energy and trade services, the index rose 0.4% for the month and 5.6% from a year ago.” CNBC reported.
CNBC reported:
Wholesale prices rose more than expected in September despite Federal Reserve efforts to control inflation, according to a report Wednesday from the Bureau of Labor Statistics.
The producer price index, a measure of prices that U.S. businesses get for the goods and services they produce, increased 0.4% for the month, compared with the Dow Jones estimate for a 0.2% gain. On a 12-month basis, PPI rose 8.5%, which was a slight deceleration from the 8.7% in August.
Excluding food, energy and trade services, the index increased 0.4% for the month and 5.6% from a year ago, the latter matching the August increase.
Food prices helped boost the increase in goods inflation, with a 1.2% monthly increase. Energy rose 0.7% after posting massive gains the previous two months.
CNBC’s Rick Santelli broke down the latest numbers on ‘Squawk Box’ on Wednesday.
Producer prices are “hotter than expected,” Santelli said.
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The Federal Reserve last month raised interest rates by another 75 basis points – or 0.75% to ‘fight’ Bidenflation.
The fed funds rate is now in the range of 3% to 3.25% – the highest since 2008.
30-year fixed rate mortgages are near 7%!
The recession is real. Depression is increasingly likely.