Small Businesses Suffering Double-Digit Price Increases for 6 Consecutive Months
Texas Insider Report WASHINGTON, D.C. – “This is more bad news for consumers," said Congressman Kevin Brady (R-TX,) Republican's House Ways & Means Committee Leader after May's Producer Price Index (PPI) Report was released earlier in the day by the U.S. Department of Labor.
Prices that businesses pay at the wholesale level have jumped 10.8% during the 12 months ending in May 2022, according to the new Producer Price Index (PPI) Report.
This follows an even larger inflation number for the 12 months ending in April 2022, when Producer prices for goods Increase 16.3% over April 2021.
"For six months in a row, Main Street businesses have been hit by double-digit inflation – and that means higher prices ahead for families as businesses are forced to pass the increases along in this cruel Biden economy," said Cong. Brady, one of Congress's most respected economic and tax leaders.
"The Biden Administration has offered no real solutions – just more Washington, D.C. spending and higher taxes on Main Street businesses that will fuel higher prices in the future.”
