U.S. consumers faced higher prices for food in July, undermining Biden White House claims that inflation ran at zero in the month.
The Bureau of Labor Statistics Producer Price Index showed on Thursday that consumer food prices charged by U.S. producers rose two percent in July compared with the previous month. Compared with a year ago, consumer food prices are up 15.8 percent, the highest year-to-year rate of inflation since 1974.
That’s an even higher level of food inflation than was reported in the Consumer Price Index released on Wednesday. It showed prices for groceries rising 1.3 percent compared with the prior month and up 13.1 percent compared with a year ago, the most since 1979.
The Producer Price Index measures prices received by U.S. businesses, so it excludes imported goods and does not include sales taxes, both of which are included in the Consumer Price Index. The producer price barometer also includes export prices, which are excluded from the consumer price gauge.
Don’t forget corn, whose price increase is well hidden at the fuel pumps.
ALL on BIDEN & his Democraps !!!!!