RNC Statement on August Producer Price Index

WASHINGTON - Today, Republican National Committee (RNC) Chairwoman Ronna McDaniel released the following statement on the August Producer Price Index: 

“Americans cannot afford Biden and Democrats’ failed economy. As sky-high inflation and rising prices crush wages, Biden and Democrats celebrate. In 55 days, out-of-touch Democrats are in for a rude awakening when Americans vote for commonsense, Republican leadership.”

Background: 

•  August’s Producer Price Index rose by 8.7 percent since last year. 
  • This marks the 17th straight month that wholesale inflation has been above 5 percent year-over-year. 
  • Core producer prices – which takes out food, energy, and trade – increased by 5.6 percent from last year.
• The Consumer Price Index soared in August by 8.3 percent compared to last year, meaning inflation remains at a near 40-year high.
  • Core consumer prices – excluding food and energy – rose by 6.3 percent from last year, coming in well above economists’ expectations. 
  • Grocery prices increased 13.5 percent in August, the largest increase in 43 years.
  • Real average hourly earnings fell 2.8 percent over the last year, marking the 17th month in a row under Biden in which inflation has outpaced wages.
  • Real wages have fallen every month since Biden and Democrats passed their wasteful $1.9 trillion “stimulus.”