RNC Statement on June Producer Price Index

June's Producer Price Index rose by 11.3 percent since last year, a near record high.

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

"Every month since Biden’s $1.9 trillion boondoggle was signed into law, prices have gone up and real wages have gone down, yet Biden and Democrats point fingers in every direction but their own. American families and small businesses cannot afford Biden’s Great American Pay Cut, and Democrats will pay the price for rubberstamping this reckless agenda in November." 

Background:

• June’s Producer Price Index rose by 11.3 percent since last year, a near record high.
  • Core producer prices – which takes out food, energy, and trade – increased by 6.4 percent.
• June’s Consumer Price Index soared by 9.1 percent compared to last year, exceeding economists’ expectations and reaching a new  40-year high. 
• Core consumer prices – excluding food and energy – rose by 5.9 percent. 
• Real average hourly earnings fell 3.6 percent over the last year, marking the 15^th month in a row in which inflation has outpaced wages. 
• Inflation has wiped out wage gains every month since April 2021, right after Biden signed the $1.9 trillion “stimulus.”