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.”
- 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.