The House Is On Fire
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The June “Producer Price Index” (PPI) has been released and it is not pretty. The June PPI shows an 11.3% increase year-over-year in final demand products at the wholesale level. The fact that it is significantly higher than the CPI (9.3%) indicates that we are nowhere close to seeing a leveling off of the inflation rate. Joe Biden’s statement in December that inflation had peaked at 7% may soon look like a valley.