DailyKenn.com — US producer prices jumped 6.6% annually in May. That's the largest jump for the index since annual data was first kept.
White House occupant Joe Biden seems unconcerned. Rather, skyrocketing inflation may contribute to government dependence, a boon for Democratic Party candidates who thrive by shelling out tax-dollar handouts in exchange for support.
Excerpted from dailymail.co.uk ▼
Wholesale prices in the U.S. increased at their fastest annual rate ever in May, driven by rising food prices, as soaring inflation threatens to derail the post-pandemic economic recovery.
The producer price index, which measures inflation pressure before it reaches consumers, rose 0.8 percent in May for an annual gain of 6.6 percent, the biggest jump since annual data was first compiled in 2010, the Labor Department said Tuesday.
The annual gain is somewhat
skewed by a 'base effect' from last year's data, when prices plunged
early in the pandemic, but nevertheless offers another worrying signal
to consumers that their dollars won't stretch as far as they used to.
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