The Producer Price Index rebounded in January which was more than expected to start 2023.
Two days ago, on Valentine’s Day, the consumer price index increased further than analysts had predicted. The CPI increased to 6.5%. This is over the prior year. The increase in prices since Biden took office is much higher.
This is why every American sees that their dollars are not going as far as they did when President Trump was in office. Under President Trump, the annual rate of inflation was flat at 1%. It wasn’t an issue.
Since Biden took over, the average American family is financially “stressed, strained and broken”.
This morning the PPI numbers for January were released and they are also higher than expected. CNBC reported this morning:
Inflation rebounded in January at the wholesale level, as producer prices rose more than expected to start the year, the Labor Department reported Thursday.
The producer price index, a measure of what raw goods fetch on the open market, rose 0.7% for the month, the biggest increase since June. Economists surveyed by Dow Jones had been looking for an increase of 0.4% after a decline of 0.2% in December.
Excluding food and energy, core PPI increased 0.5%, compared to expectations for a 0.3% increase. Core excluding trade services increased 0.6%, against the 0.2% estimate.
Rick Santelli points out that inflation is hot no matter how you look at it.
BREAKING
January #PPI comes in hotter-than-expected. @RickSantelli breaks down the numbers: pic.twitter.com/AH0FgkD6US— Squawk Box (@SquawkCNBC) February 16, 2023
When a clown is put in power, expect a clown show. Americans don’t think it’s funny.