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

"No one is buying your blame game, Mister President.” 
April 13, 2022 — Blog    — Press Releases    — Select Revenue Measures    — Work and Welfare   

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.