BIDENFLATION: Wholesale Prices Jumps 9.7% From A Year Ago, Highest Increase On Record

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Inflation rose at the fastest pace in nearly four decades in December, as rapid price gains fueled consumer fears about the economy and sent President Biden’s approval rating tumbling.

Wholesale Prices Jumped Record 9.7% in Past 12 Months

Prices at the wholesale level surged by a record 9.7% in December from a year earlier, the latest sign that inflation is still a problem at all levels of the U.S. economy.

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By: U.S. News & World Report, Jan. 13, 2022:

In this Tuesday, June 15, 2021 photograph, beef is displayed in the meat department at Lambert’s Rainbow Market, in Westwood, Mass. Prices at the wholesale level surged by a record 9.6% in November 2021, from a year earlier, an indication of on-going inflation pressures The Labor Department said that its producer price index, which measures inflation before it reaches consumer, rose 0.8% in November compared to October, the highest monthly reading since June.(AP Photo/Charles Krupa) The Associated Press

By Martin Crutsoner, MARTIN CRUTSINGER, AP, Januarey 13, 2022:
WASHINGTON (AP) — Prices at the wholesale level surged by a record 9.7% in December from a year earlier, with inflation evident at all levels of the U.S. economy.
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The Labor Department reported Thursday that its producer price index, which measures inflation before it reaches consumers, did slow on a monthly basis rising just rose 0.2% in December compared to November, when prices had shot up 1%.

The 12-month increase in wholesale inflation of 9.7% was slightly higher than the old record of 9.6% set in November. The records on wholesale prices go back to 2010.

Thursday’s report came a day after the government reported that consumer inflation jumped 7% in December from a year earlier, the highest such inflation rate since 1982.
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The price increases at both the wholesale and retail levels have been attributed in large part to snarled supply chains at a time of surging demand. President Joe Biden’s approval ratings on the economy have taken a hit because of the surge in prices, especially for consumer necessities like food and energy.

Copyright 2022 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

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