7th Straight Month of Double-Digit Inflation means continued high prices and no relief anytime soon for consumers
Texas Insider Report WASHINGTON, D.C. – "This is another horrible dose of bad news. Inflation is raging for Main Street businesses, and that means higher prices ahead for consumers," said Texas Cong. Kevin Brady after it was announced that Wholesale Prices nationwide jumped 11.3% in June from the previous year, according to a new report from the U.S. Department of Labor.
As the senior ranking Republican Leader on the House Ways & Means Committee – which he has previously chaired – Cong. Brady (R-TX) noted the following:
“With seven straight months of double-digit inflation in wholesale prices, this translates into higher prices and no relief anytime soon for consumers.
“All of which makes it even more alarming that Congressional Democrats and President Biden are (writing a bill) cooking up $1 trillion in higher taxes on Main Street businesses that will only drive prices higher and crush family-owned farms and businesses.
“Who in their right mind raises taxes as America heads into a recession?" asked Brady, as the Producer Price Index (PPI) figures were realsed.