White House Has Unreal Response to Producer Price Index Jumping to Highest on Record

We saw earlier this week that consumer price index (CPI) numbers were up seven percent from the same time last year, the highest jump since 1982. Even CNN said, “Yikes!” in response.

Joe Biden’s response was a case study in delusion. “Today’s inflation numbers show a meaningful reduction in headline inflation over last month. We are making progress in slowing the rate of price increases,” Biden tweeted, contrary to all reality.

Unfortunately, now the Producer Price Index (PPI) numbers are also out. The PPI is a measure of wholesale prices for goods and services and they are an indicator of what will be happening to the CPI in the future. The numbers were not good, they jumped 9.7 percent from the prior year, near double-digit numbers, the biggest jump on record.