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he October read on producer inflation showed some of the highest numbers in months on key indicators of price increases that have come as a result of the Biden administration and congressional Democrats’ tax-and-spend agenda.
Month-over-month, headline PPI inflation advanced 0.2 percent in October — the same as in September — and prices upstream from consumers increased a full eight percent in the 12 months ending in October.
The core PPI number that excludes more volatile foods, energy, and trade services also saw prices increase 0.2 percent for an annual advance of 5.4 percent.
Some of the more alarming data points in the latest Producer Price Index report include the index for final demand goods, which advanced 0.6 percent in October — the largest advance since June when that metric increased 2.2 percent.
The Biden administration’s war on safe, cheap, and reliable energy has also taken a toll on inflation, as seen again in October’s PPI report in which most of the month-over-month increases “can be traced to a 2.7-percent jump in prices for final demand energy,” the Bureau of Labor Statistics noted in its latest report.