In another groundbreaking moment of history, Joe Biden proved that a lot can happen in only one year — including destroying an entire economy.
Joe Biden proved that to be entirely true this week after the cognitively deficient president smashed a series of economic records that raised serious concerns for the longevity and strength of the U.S. economy.
Wholesale inflation surged to a new record high after consumer inflation also hit record highs this week.
The Bureau of Labor Statistics’s Producer Price Index, which measures inflation from wholesale producers, rose 11.2% annually between March 2021 and March 2022. That number is the highest year-over-year mark for producer inflation on record, from data that dates back to 2010. Producer inflation rose 1.4% monthly between February and March.
Final demand for goods rose 15.7% annually and 2.3% monthly, matching the monthly increase in February. Wholesale food prices jumped 16.2% annually, 2.4% monthly, headlined by fruits and vegetables, grains, and meat. Fresh fruit and melons rose 18.5% annually, while fresh and dry vegetables rose by a massive 81.5%. Wholesale grain prices rose 40.1% annually. Beef and veal products rose 16% annually, and processed young chickens rose 28.6%. Fish and shellfish climbed 19.7% year-over-year, and dairy products climbed 19.3% as well.
Wholesale energy prices rose 36.7% annually, headlined by liquefied natural gas, which saw a massive 91.4% increase, nearly doubling in price between 2021 and 2022. Notably, the Index reported that liquefied natural gas was one of a large number of items that were tested for seasonal price increases, and “[s]easonal tests did not indicate the presence of seasonality.” Residential natural gas was up 22.8% annually. Fuel costs also rocketed upwards: wholesale gasoline prices rose 59.9% between March 2021 and March 2022, and no. 2 diesel fuel rose 63.8%. Home heating oil and distillates more than doubled, climbing 105.9% annually.
If you’re anything like us and can’t bear to read through statistics, let us put it this way:
Your fresh produce is more expensive.
Your grains are more expensive.
Your meat is more expensive.
Your fish is more expensive.
Your natural gas is more expensive.
Your oil is more expensive.
Everything is more expensive.
Thanks to Joe Biden.
The Producer Price Index results come just one day after the Bureau released its Consumer Price Index, measuring consumer inflation. The CPI soared to 8.5% annually, the highest level in 41 years.
Americans everywhere have begun feeling the sting inflation leaves behind. Acting as an invisible tax, the average household in the U.S. can expect to pay nearly $500 more per month thanks to price increases for common goods and services.
Let that sink in for a moment.
Author: Nolan Sheridan