More bad news for the Former Vice President’s Administration. In July, business inflation has swelled to an alarming 7.8%; a rate that is now the highest year-over-year increase ever recorded.
The Bureau of Labor Statistics, on Thursday, revealed July’s “Producer Price Index.” This index records and reports prices charged to businesses and other producers within the United Sates. While the year-over-year increase is 7.8%, in July alone, the rate increased 1%.
The Bureau of Labor Statistics said in their statement:
“Nearly three-fourths of the July increase in the final demand index can be traced to a 1.1-percent advance in prices for final demand services. The index for final demand goods rose 0.6 percent.
The index for final demand services rose 1.1 percent in July, the largest one-month increase since data were first calculated in December 2009. Nearly half of the broad-based advance in July is attributable to margins for final demand trade services, which jumped 1.7 percent… Prices for final demand services less trade, transportation, and warehousing and for final demand transportation and warehousing services also moved higher, 0.6 percent and 2.7 percent, respectively.”
July is now the eighth month in a row that recorded astounding increases in inflation.
According to Bill Adams, senior economist at PNC said, “We haven’t had an inflationary shock like this in a decade. We know we’re in the middle of an inflationary shock but what we still don’t know is how bad it is. That’s a big part of what we’re looking to these inflation data for.”