So much for turning the corner on inflation.
Not only did April PPI come in much hotter than expected at 11.0%, but February and March were revised upward with March now at 11.5%, the new record high for the index. Here’s some perspective on what those numbers mean:
At 11.5%, prices double in about 6 years. Even at April’s rate of 11.0%, prices double in six and a half years.
If only Biden’s strategy of finger pointing and blaming everyone (Trump, Putin, Covid, meat packers, drug companies, big oil, etc.) but himself, were the solution, we wouldn’t have any inflation problem.