Wholesale inflation rose 1% in January and is up 9.7% over the past year – a near-record. This steep increase was at least double what Wall Street predicted.
In fact, according to the Wall Street Journal: “Some 73% of the items saw annual price rises of 3% or higher in January, and some 55% of items saw inflation of 5% or higher.”
One of the groups most hurt by the rising prices are farmers who have seen higher prices for their seeds, fertilizer, equipment repairs, and seasonal labor.
“I just don’t see how I’m going to get paid this year,” said Brooks Barnes, a second-generation farmer in Wilson County, NC. Democrat Senate hopefuls Cheri Beasley and Abby Finkenauer, from big agricultural states like North Carolina and Iowa, have thus far been silent as the Biden agenda adds fuel to the inflationary fire.
Sadly, there is no end in sight. Worse yet, as Russia continues its saber-rattling, driving up oil prices, next month could bring more pain.
For months, Senate Republicans, economists, and even some disaffected Democrats have been warning about this possibility. Yet, President Biden and Senate Democrats have not listened, continuing to pump our overheated economy full of money and proposing new spending.
What will be the tipping point for Senate Democrats and the White House? How much more financial pain must Americans endure?
Statement from NRSC Spokesman T.W. Arrighi: “A near 10% increase in wholesale prices would have been unheard of not too long ago, but welcome to the Biden economy. Now, as Russia’s recklessness rocks oil markets, Americans will continue to feel the financial squeeze in their daily lives. President Biden chose this inflationary course long ago and has saddled Senate Democrats with the unfortunate job of having to defend it.”