Thanks, Trump!
Enjoying the Malignant Fascist's "Golden Age" economy, are we?
September’s producer price index came in much hotter than economists forecast on Thursday, underscoring the continued inflationary pressure from energy amid the U.S. war with Iran.
The measure of underlying inflation pressures climbed 1.3% in September and 6.3% on an annual basis, according to the Bureau of Labor Statistics. That marked the largest monthly and annual gains since March 2022 and December 2022, respectively.
Both readings topped expectations of economists polled by Dow Jones, who forecast an advance of 0.6% on the month and 5.5% annually.
Energy drove a sizable chunk of those increases as the Middle East conflict curtailed oil supply and sent prices surging. The so-called core PPI, which excludes volatile food and energy prices from the wholesaler inflation index, added 0.7% on the month and 5% over the 12-month period.
But there are signs that soaring energy prices are having downstream effects on other categories. The BLS said in Thursday’s release that almost half of September’s increase in processed goods for immediate demand was connected to the rise in diesel fuel prices.
It’s the latest report in recent days showing that inflation continues to hit consumers and companies. [snip]
“With a second day in a row of higher-than-expected inflation numbers, it seems the Fed will have no choice but to raise rates again this year,” said Chris Zaccarelli, investing chief at Northlight Asset Management...
Bringing back the stagflation of the '70's just in time for the mid-term elections (thanks to the MF's tariffs and war of choice with Iran!)!
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