July 14,2022

Crapo: Seven Consecutive Months of Double Digit Wholesale Price Inflation

Producer price inflation jumps to 11.3 percent, after averaging 1.8 percent during the four years prior to Biden Administration

Washington, D.C--U.S. Senate Finance Committee Ranking Member Mike Crapo (R-Idaho) issued the following statement after inflation in the Producer Price Index (PPI) increased to 11.3 percent--seven consecutive months of double-digit rates--well above the 1.8 percent average during the four years prior to Biden taking office.  

“Data on producer prices released this morning show another double-digit rise in wholesale prices, signaling more inflation pressures for consumers down the road.  This is the seventh consecutive month with wholesale price inflation above 10 percent.  Now would be the worst time to subject businesses to another round of Democrat tax increases, which would serve only to put more pressure on costs to producers, including the vast number of small businesses struggling to stay afloat in the high-inflation, shortage-ridden environment that has unfortunately been engineered by the Biden Administration’s economic policies.”