Today, the U.S. Bureau of Labor Statistics released the Producer Price Index report for June, showing an annual increase of 11.3%.
“Today’s PPI report, coming on top of yesterday’s CPI report, is just the latest evidence that Bideninflation is accelerating. The worst inflation in four decades is a direct result of President Biden’s spending spree and cutbacks on domestic energy production. We are in a recession and small businesses are bearing a disproportionate share of the pain. The President’s endless talk about ‘Putin’s Price Hike’ is embarrassing – not just because it’s false, but because it’s a shameful refusal to act. The American people deserve better.”