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Skyrocketing inflation under Joe Biden has become more appropriately known as “Bidenflation.”
As prices surge, many Americans have been unable to afford basic necessities, such as gas and groceries.
Prices charged by U.S. businesses have increased 10.8 percent compared with a year ago.
This is the sixth straight month of the government’s producer price inflation gauge running at or above 10 percent.
The Producer Price Index (PPI) rose 0.5 percent for the month of May and 6.8 percent for the year. This excludes food, energy, and trade services.
More on this story via Breitbart:
The Department of Labor said Tuesday that its Producer Price Index for final demand rose 0.8 percent in May compared with a month earlier. That represents an acceleration of monthly price gains from April, when prices rose a downwardly revised 0.4 percent month over month.
Economists had expected an annual rise of 11 percent and a monthly increase of 0.8 percent.
The government said the index was up 10.9 percent year over year in April, downwardly revised from the initial report of 11 percent. Last month, the March figure was revised up from an initial reading of 11.2 percent to 11.5 percent, the worst pace of PPI inflation in decades.
The Producer Price Index (PPI) is sometimes inaccurately described as an inflation index for wholesale prices. Although it was once called the wholesale price index, it has never been focused on wholesale prices. Instead, it is constructed by looking at what businesses that produce goods and services in the U.S. were paid for goods and services, while the better-known Consumer Price Index measures what consumers paid and includes both imports and a stand-in for home ownership called owners-equivalent of rent that isn’t counted in PPI.
“The Wholesale Price Index (WPI) was the name of the program from its inception in 1902 until 1978, when it was renamed the Producer Price Index,” the Bureau of Labor Statistics explains on its website. It explains that: “the term Wholesale Price Index was misleading in that the index never measured price change in the wholesale market.”
