Bidenflation: Producer Price Index Rises Faster Than Expected

Breitbart ^ | October 12, 2022 | JOHN CARNEY

[Red Badger]

A key barometer of inflation on Wednesday showed prices paid to U.S. businesses rose more than expected in September, dashing hopes that the Federal Reserve might be able to take a softer approach to restoring price stability.

The producer price index, which tracks prices paid to U.S. businesses for the goods and services they produce, rose 0.4 percent in September, the Department of Labor said. That was twice the monthly gain expected by forecasters.

On a 12-month basis, prices are up 8.5 percent. That’s one-tenth of a point more than what economists surveyed by Econoday expected.

The index fell by 0.2 percent in August and 0.4 percent in July, largely due to lower gasoline and oil prices. This was revised from the 0.1 percent decline originally reported for August.

Excluding food and energy, prices were up 0.3 percent in September. This measure of “core PPI” was also up a revised 0.3 percent in August. In the earlier report, core PPI was reported as rising 0.2 percent in August. Compared with a year ago, core PPI is up 7.2 percent, which is below the 8.1 percent year-over-year increase reported in August.

So called “core core PPI”—which excludes food, energy, and a measure of business margins called trade services—was up 0.4 percent. That compares with forecasts of 0.3 percent and is double the previous month’s figure. Compared with a year ago, core core is up 5.6 percent, matching the year-over-year increase reported a month ago.

[Obadiah]

Unexpected.

[AuntB]

“inflation in the United States is made in Washington and nowhere else”
Milton Friedman

[Uncle Miltie]

I represent that remark!

[Chgogal]

Well, our elites are vindictively stupid.

Expect the expected.

Did people really think inflation was coming down? Now MSM/DNC/Biden Administration are putting the blame on the Fed. Really? Yes, moronic business channels (yeah I am including Varney), WE ARE IN A RECESSION! Two negative quarters of growth IS the definition of a recession. Yes, we are going to have a hard landing meaning unemployment will go through the roof in addition to high inflation.

Further damage to the economy can be limited if MSM/DNC/Biden Administration reverse course on energy policy and anti-growth economic policies. But no, we will blame the Fed instead. The Fed has only very blunt tools to effect the economy in the long term to fight inflation. The Government has immense tools (I.e. tax policy, supply side tools, efficient labor policies) to effect the economy. Wake-up people from your damned Woke World.