President Joe Biden has officially done it. Under Biden’s administration, inflation has reached the highest numbers since 1974.
“The record-shattering 9.6 percent rise in producer prices indicates a startling level of inflation inflicting the U.S. economy,” reported Breitbart News.
“Things are even worse once you get beyond the headlines. Further out on the supply chains, prices are rising even more rapidly, suggesting that product shortages and even more inflation are yet to come,” according to Breitbart News.
“When you look at goods that are processed by U.S. manufacturers for sale to other businesses, such as an appliance manufacturer selling to a retailer or a software maker selling to a digital game store, prices are up by more than 26 percent,” reports Breitbart News.
[The numbers] suggest that the Fed may have more trouble taming inflation next year than is anticipated. Even if backups at ports and shipping constraints lift, this will not directly affect the prices measured in PPI, which excludes imports by only counting prices paid to domestic producers. Substitution of domestic goods with imports, however, could help tame PPI inflation over time, according to Breitbart News.
To read more about Biden’s record breaking inflation numbers, click here.