ANOTHER (BAD) RECORD: US producer prices jump an unprecedented 8.3% in August

The Bureau of Labor and Statistics (BLS) released the August review of producer prices for last month. August rose 0.7% with cumulative results now showing

The prior record was July with 7.8%.

Inflation is skyrocketing for consumer goods at all levels of production: Origination (commodity/raw material), Intermediate (Mfr/Wholesale) and Final products (retail).

In part, the extreme upward cost pressure from escalating fuel and energy costs are accumulating throughout the supply chain and surfacing in the prices of the finished products. We are all witnessing this in the prices at stores; especially in the quick turning products, like groceries (fast turn consumable goods), which reflect price increases the fastest.

Final demand prices moved up 0.7 percent in August, 1.0 percent in July and 1.0 percent in June. The year-over-year inflation rate on final demand products now stands at 8.3%.

The US has gone from record-setting markets and record low unemployment in the Trump Administration to record-high inflation in the Biden Administration. It’s as if Biden wants to destroy the economy.