Inflation still raging, federal report confirms

Inflation measured by the producer wholesale index edged down a fraction but still remained at the raging level, 9.8% for the year ending in July, according to the federal Bureau of Labor Statistics.

It had been pegged at 11.3% just a month before.

The Consumer Price Index recently reported inflation at 8.5% for the month of July, down from 9.1% in June, and Joe Biden brazenly tried to claim it was zero percent, based on the fact a few prices out of the long list did not increase from June to July.

The Washington Examiner said the July wholesale mark was the first monthly decline, albeit small, since April 2020 at the start of the pandemic.

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“Cooling prices paid by producers portend a further cooling for consumer prices, as producer prices are further up the inflation pipelines. We expect producer prices to ease as supply chains improve,” explained Jeffrey Roach of LPL Financial.

He warned that still could take months to accomplish.

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