RNC Statement on July Producer Price Index

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

“Prices are soaring and real wages are falling, yet Democrats want to raise taxes during a recession. As Joe Biden acts like everything is fine while spending his days at the beach, families struggle to afford gas and groceries. The latest economic data is another reminder Democrats’ reckless agenda is hurting Americans.”

Background:

• July’s Producer Price Index rose by 9.8 percent since last year.
  • This marks the 16th 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 5.8 percent from last year. 
• July’s Consumer Price Index soared by 8.5 percent, remaining at the highest levels in 40 years.
• Core consumer prices – excluding food and energy – rose by 5.9 percent from last year.
• Real average hourly earnings fell 3 percent over the last year, marking the 16^th 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.”