(TheRedAlertNews.com) – BREAKING NEWS: With today’s breaking financial news, it is clear that the pain for American consumers is getting worse, and there is no end in sight.
As CNBC notes, based on newly released data:
“Wholesale prices rose at a brisk pace in May as inflation pressures mounted on the U.S. economy, the Bureau of Labor Statistics reported Tuesday.
“The producer price index, a measure of the prices paid to producers of goods and services, rose 0.8% for the month and 10.8% over the past year. The monthly rise was in line with Dow Jones estimates and a doubling of the 0.4% pace in April.
“Excluding food, energy and trade, so-called core PPI rose 0.5% on the month, slightly below the 0.6% estimate but an increase from the 0.4% reading in the previous month. On a year-over-year basis, the core measure was up 6.8%, matching April’s gain.
“The two PPI measures remained near their historic highs — 11.5% for headline, and 7.1% for core, both hit in March.” [emphasis added]
Why do dramatically rising wholesale prices matter?
“The data is significant in that prices at the wholesale level feed through to consumer prices, which are running at their highest levels since December 1981.” [emphasis added]
Bottom line: The financial pain hard-working Americans are feeling is getting worse, and there is no end in sight.
THIS IS A BREAKING NEWS REPORT FROM RED ALERT NEWS.
