President Donald Trump was known for hitting record after record while in office and now President Joe Biden is doing the same. There is just one small caveat: Biden’s records are terrible for America while Trump’s were good.
On Thursday, the Bureau of Labor Statistics announced that the Producer Price Index showed that inflation for businesses had released a year-over-year rate of 7.8% in the month of July, an all time record. In just the month of July, inflation increased by 1.1%.
“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 agency reported. “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,” the Bureau of Labor Statistics continued. “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.”
The Daily Wire dives deeper into the numbers:
The rise in transportation expenses matches the newest data for the Bureau of Labor Statistics’ Consumer Price Index, which was released on Wednesday. Over the past year, prices for used vehicles have increased by 41.7%; meanwhile, gasoline and fuel oil saw respective price hikes of 41.8% and 39.1%.