The producer price index is now revealing similar information to what we saw in last week’s news.
“The producer price index, which reports average price changes in America’s producers get funded for their services and goods over time, increased 9.7% in the previous 12 months which ended in January, not adjusted for seasonal changes, the BLM reported Tuesday. That was far greater than economists had anticipated, albeit a 0.1 percentage point lowering from the revised series set at the close of 2021.”
There did not seem to be any end in sight. Americans are looking at steep price increases across the board, and there is no proof that inflation is decreasing. It has a lot of Dems nervous, with Senator Manchin coming out and saying that the BBB plan is now dead and Pelosi trying to spin the problem away. But despite this spin, consumers aren’t fools. Things are now looking bleaker.
The problem is the Biden White House cannot really do anything to reverse what is happening. Legislation that sent a bunch of extra money through the economy made things worse. Removing jobs in the energy industry made this worse. Nothing they have done so far has helped.
Voters are now very aware of what is happening. This is something they understand. To dismiss it, as Pelosi did, only serves to anger them more. It is a big reason both the Senate and House are in play, and why almost six out of ten Americans are against Biden’s job performance.
Unfortunately, things will keep getting worse before there is any hope of it getting better. There is not a ceiling on inflation (or one we can spot right now), and while the latest jobs report was better than some expected, inflation is still outperforming wage growth and job numbers. The average American cannot get any relief.
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