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Brady: With Record Surge in Wholesale Prices, Americans Should Brace for Even Higher Inflation Ahead 

April 13, 2022

After the Department of Labor’s Producer Price Index showed the highest surge in wholesale prices on record, Ways and Means Republican Leader Rep. Kevin Brady (R-TX) issued the following statement:

“Inflation is clearly out of control, and with record higher wholesale prices for businesses — at double digit inflation — American workers should brace for even more pain ahead under President Biden.

“There’s no question that America is in a devastating wage-price spiral that is worsening each month, and will lead to a recession. Yet President Biden is still in denial — just as he was with raging inflation the past year and the damaging worker shortage.

“No one is buying your blame game, Mr. President.”

Key details:

  • The Department of Labor’s producer price index measures prices paid by businesses. It rose 1.4 percent in March and 11.2 percent from a year ago, historic highs that beat forecasts and records for data going back to 2010.
  • This news comes just one day after the consumer price index for March surged 8.5 percent over the past year.