(TheRedAlertNews.com) – BREAKING NOW: With each passing month, more economic records are being set during the administration of President Joe Biden.
Tragically for American consumers, the records are almost all bad.
Today is no different as a new record for staggering inflation that is sapping the spending power of Americans has been announced.
As CNBC notes:
“Another surge in energy prices pushed wholesale goods prices to their biggest one-month jump on record in February, according to Labor Department data released Tuesday.
“Final demand prices for goods jumped 2.4% for the month, the largest move ever in data going back to December 2009, the Bureau of Labor Statistics said…
“On a year-over-year basis, headline PPI rose 10%, the same as January and tied for the biggest 12-month move ever.” [emphasis added]
And, it just gets worse.
“Some 40% of the increase in wholesale goods prices came from gasoline, which rose 14.8%. Diesel fuel and electric power also helped feed an 8.2% increase in final-demand energy prices, while motor vehicles and equipment and dairy prices also rose.” [emphasis added]
This is a BREAKING NEWS report.