The Producer Price Index -the amount businesses pay for goods and products before they hit the shelves- jumped a staggering 11.3% in June, raising even more questions about America’s economic recovery heading into the midterm elections.
— Daily Wire (@realDailyWire) July 14, 2022
Producer price index for final demand goods was up 17.9% year over year. Mostly driven by energy costs pic.twitter.com/SNnxL5hvVY
— Catherine Rampell (@crampell) July 14, 2022
“Inflation hit hard at the wholesale level in June, as producer prices surged a near-record amount from a year ago due to a big jump in energy costs, the Bureau of Labor Statistics reported Thursday,” reports CNBC. “The producer price index, a measure of the prices received for final demand products, increased 11.3% from a year ago, the highest reading since the record 11.6% in March.”