Another inflation siren sounding: Producer prices post record spike.
Just one day after reporting the highest inflation for consumers since the Great Recession, the Bureau of Labor Statistics sounded another alarm, this time with June’s producer price index. The PPI soared by 7.3% over the past year, the largest annual increase on record, and even without the “volatile” categories of food and energy, it increased by 5.6%. In the single month from May to June, the PPI increased by a full 1%, just one-fifth of a percentage point lower than January’s record-setting monthly PPI.
Producer Price Index Surges a Record 7.3% in June on a Year-Over-Year Basis
Glenn
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