by Casey Harper
The latest federal inflation data shows the producer price index, a key measure of inflation, rose last month.
The U.S. Bureau of Labor Statistics released data that showed a 0.1 percent boost in July, part of a 2.2 percent boost in the previous 12 months.
Interestingly, according to the data, some commodities have seen significant growth over the past 12 months. Roasted coffee prices are up 9.1 percent over the past year, dairy prices are up 9.4 percent, and pork and “processed young chicken” prices are up 12.3 percent and 10.5 percent, respectively.
Other commodities fell. Corn prices fell 28.3 percent during the same period.
The rise in energy costs in particular contributed to the overall boost in costs.
“Prices for final demand goods rose 0.6 percent in July, the largest increase since a 1.1 percent jump in February,” the BLS said. “Nearly 60 percent of the overall increase in July was attributable to the energy final demand index, which rose 1.9 percent. Prices for final demand goods excluding food and energy and food final demand also rose, by 0.2 percent and 0.6 percent, respectively.”
Merchandise saw a significant boost, which was partially offset by a smaller decline in services. Even then, the cost of goods varied.
“One-quarter of the July increase in the final goods demand index was attributable to a 2.8 percent increase in gasoline prices,” the BLS said. “The indexes for diesel fuel, meats, jet fuel, fresh fruits and melons, and basic organic chemicals also rose. Electricity prices fell 1.1 percent. The indexes for fresh and dried vegetables and steel products also fell.”
A substantial drop in the stock market last week has raised concerns about the economy’s future this year.
Prices have risen more than 20 percent since President Joe Biden took office. While inflation has slowed in recent months, prices have not fallen.
Republicans continue to criticize the Biden administration for rising costs that are making it harder for many Americans to make ends meet.
“The Biden-Harris price hikes continue to drive up the prices of goods and services, making it harder for small businesses and families to make ends meet,” Sen. Rick Scott, R-Fla., said in a statement after the data was released. “Any increase in costs is a burden on small businesses, and as they face historic inflation from the Biden-Harris price hikes, these skyrocketing costs could quickly force them out of business. Under the weight of the Bidenomics failure and the Biden-Harris price hikes that followed, the American dream is becoming increasingly unattainable as families navigate which bills to pay this month and whether they can afford new school supplies for their children.”
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Casey Harper is a senior reporter Central Square Washington, DC bureau. He previously worked for The Daily Caller, The Hill and Sinclair Broadcast Group. A graduate of Hillsdale College, Casey has also appeared on Fox News, Fox Business and USA Today.
Photo “Corn Farm” by Wolfgang Weiser.
