Wholesale Inflation Soared Higher than Ever on Record at 9.6% in November
Joe Biden is crushing the poor and the middle classes, and the latest bad news finds that inflation of wholesale goods rose at its fastest clip ever recorded in November.
As US News reported: “The 0.8% monthly increase was above expectations of a 0.5% increase. The 9.6% annual rate of increase was the highest for the series dating back to 2010 and above forecasts for a 9.2% rise.”
The magazine continued saying, “The reading on wholesale prices follows last week’s measure of consumer inflation that showed prices rose at an annual rate of 6.8% last month, the fastest pace in nearly 40 years.”
Small businesses also reported raising their prices at a larger rate than we’ve seen since 1979, the worst of the Jimmy Carter “malaise” years.
“Meanwhile, the NFIB Small Business Optimism Index rose 0.2 points in November to 98.4, but a record 59% of small business owners said they had increased their prices last month. That is the highest reading since 1979,” the magazine added.
CNBC added: “Excluding food, energy and trade services prices rose 0.7% for the month, putting core PPI at 6.9%, also the largest gain on record. Estimates were for respective gains of 0.4% and 7.2%, meaning the monthly gain was faster than estimates but the year-over-year measure was a bit slower.”
Supply chain bottlenecks and surging demand have been the primary drivers of inflation, and have eased only marginally.
Final demand energy prices jumped another 2.6% in November despite sliding crude prices, while food was up 1.2%. Transportation and warehousing increased 1.9%, while portfolio management spiked 2.9%.
Elsewhere, iron and steel scrap prices surged 10.7%, and a host of others costs including gasoline, fruits and vegetables and industrial chemicals also increased. Diesel fuel costs were down 2.6% for the month, while chemicals and allied products wholesaling declined 1.3%.
We went from one of the best economies in decades under Donald Trump to the worst in 50 years before one year of Biden is even up!
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