As President Joe Biden continues to stubbornly insist the United States isn’t in a recession (despite the fact that we are), Bidenflation continues to skyrocket and Americans’ wallets are getting tighter and tighter thanks to the seemingly never-ending rise in prices.
In their latest Producer Price Index report released Wednesday, the U.S. Labor Department said wholesale inflation – the price paid by retailers before the products actually hit the shelves – rose 0.4% percent in September, bringing the year-over-year increase to 8.5%.
While that’s a slight drop from the 8.7% reported in August, Fox News notes it’s still higher than the 8.3% predicted by some economists, fueling worries that inflation won’t be easily cooled and increasing the likelihood that the feds will once again hike interest rates to intentionally hamper consumer spending. Despite a slight drop in gas prices, the overall wholesale cost of energy still went up 0.7% in September. Food prices increased another 0.4%, per the PPI, with the cost of dry and fresh vegetables up nearly 16% by themselves. In fact, about 60% of the overall increase in the price of goods was due to the hike in food costs.
The Labor Department's September Consumer Price Index, which measures increases in how much people are actually paying for their goods and services, is set to be released Thursday – but the PPI doesn’t paint a very optimistic picture.