With retail prices already hitting American pocketbooks, the U.S. Labor Department reported Thursday that wholesale prices in November rose at the fastest annual rate on record.
The producer price index rose 0.8% last month and increased 9.6% over the previous 12 months.
On Friday, the Labor Department announced the consumer price index rose 6.8% from a year earlier, the fastest pace since 1982.
Retail prices for staples such as food and gasoline spiked, the department said, as well as new and used cars, rent and medical care.
Sen. Ted Cruz, R-Texas, pointed out on Twitter that since last year, gas prices have gone up 58.1%, used car prices 31.4%, steak prices 24.6% and hotel prices 25.5%.
One clear indicator of the seriousness of the current wave of inflation is that Dollar Tree is rolling out a 25-cent increase in stores across the country.
The shift to $1.25 pricing, the retailer said, was not “a reaction to short-term or transitory market conditions.”
At the White House on Tuesday, Biden press secretary Jen Psaki blamed increases in meat prices on “the greed of meat conglomerates.”
See Psaki’s remarks:
Jen Psaki blames increases in meat prices on “the greed of meat conglomerates.” pic.twitter.com/NlSXwIcUTP
— Townhall.com (@townhallcom) December 14, 2021
Phillip Patrick, a precious metals specialist at Birch Gold Group, pointed out in an interview Tuesday with Steve Bannon on “War Room” the drop in the buying power of the dollar.
The U.S. dollar is worth about 60 cents compared to its value in January 2000, he said, a drop of 40%.
Significantly, 10% of that decrease has come in the past year.
See the interview with Phillip Patrick:
‘We will be simplifying our Christmas this year’
USA Today sampled an American family to gauge the impact of inflation. Amber Tolbert of Birmingham, Alabama, said it has meant more pasta and less meat.
“The meat going up so much I have definitely felt,” Tolbert said. “I have been changing what I buy to be less meat forward and getting more pasta and vegetables. Sometimes I split the ground beef between meals.”
Tolbert said Christmas will be different for her family.
“We will be simplifying our Christmas this year and re-focusing on what the season is all about while making it fun,” she said.
Americans can expect to spend about 17% more for Christmas than before the pandemic, according to Kristen Myers, editor-in-chief of The Balance personal finance website.
She told USA Today that “unfortunately the price of almost everything is still rising into the holidays.”
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