Wholesale Price Inflation Rapidly Accelerates Due to Bidenomics

Alfredo Ortiz, president and CEO of Job Creators Network, released the following statement on the August Producer Price Index, released today, which rose by 1.6%, and Core PPI, which rose by 3%.

“Inflation is quickly moving in the wrong direction for small businesses and consumers, continuing two-and-a-half years of financial pain. Rapidly accelerating wholesale prices put small business margins under pressure and force small businesses to raise prices to remain profitable, alienating customers and reducing demand. This latest inflation spike stems from President Biden’s opposition to cheap energy production in the U.S. Oil prices have surged as he recently blocked the production of hundreds of millions of barrels of oil in Alaska. Near record-high deficits, even though the economy is running at full capacity, due to Biden’s reckless spending have bid up prices and diluted the currency already in existence.

“Expect this wholesale price surge to be reflected in a significantly higher Consumer Price Index next month as these costs flow through to consumers. Don’t be surprised if the Federal Reserve reacts to this acceleration in inflation with another painful interest rate hike at its upcoming meeting, following in the footsteps of the European Central Bank, which raised rates today. To deliver real inflation relief for small businesses and the overall economy, Congress should pass legislation that implements JCN’s American Small Business Prosperity Plan, an eight-point pro-growth policy playbook that can return us to the shared economic prosperity of 2018 and 2019.”