Producer prices increased a colossal 10% over a year prior in February, according to the latest Producer Price Index report from the Bureau of Labor Statistics. This is the first time the index hit double digits since the inception of the Producer Price Index in 2010.
“That was a slightly faster pace of price increases than economists had predicted,” reports CNN Business.
Last month Matt Egan of CNN Business predicted that the Russia-Ukraine conflict could cause inflation to hit 10% … But it turns out we didn’t need the Russia-Ukraine conflict to achieve that grim milestone. As part of this new report, the January Consumer Price Index was revised upward from 9.7% to 10%.
Though no statement has been released yet at the time of this writing, Joe Biden is widely expected to blame Vladimir Putin.
Last week, following the release of February’s Consumer Price Index report, Joe Biden tried to pin the blame on Putin.
“Americans’ budgets are being stretched by price increases, and families are starting to feel the impacts of Putin’s price hike,” Biden said. “A large contributor to inflation this month was an increase in gas and energy prices as markets reacted to Putin’s aggressive actions.”
Russia’s invasion of Ukraine began on Feb. 24, but inflation has been on the rise throughout Biden’s presidency. Biden nevertheless thinks it’s unfair that he’s being blamed.