{"id":1515133,"date":"2022-06-14T10:19:35","date_gmt":"2022-06-14T14:19:35","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1515133"},"modified":"2022-06-14T10:19:38","modified_gmt":"2022-06-14T14:19:38","slug":"inflation-for-businesses-continues-at-double-digit-pace","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/inflation-for-businesses-continues-at-double-digit-pace\/","title":{"rendered":"Inflation For Businesses Continues At Double-Digit Pace"},"content":{"rendered":"<aside class=\"mashsb-container mashsb-main mashsb-stretched\"><div class=\"mashsb-box\"><div class=\"mashsb-count mash-medium\" style=\"&quot;\"><div class=\"counts mashsbcount\">14<\/div><span class=\"mashsb-sharetext\">SHARES<\/span><\/div><div class=\"mashsb-buttons\"><a class=\"mashicon-facebook mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https%3A%2F%2Fwww.conservativenewsdaily.net%2Fbreaking-news%2Finflation-for-businesses-continues-at-double-digit-pace%2F\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Facebook<\/span><\/a><a class=\"mashicon-twitter mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/twitter.com\/intent\/tweet?text=&amp;url=https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1515133&amp;via=ConservNewsDly\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Twitter<\/span><\/a><a class=\"mashicon-subscribe mash-medium mash-nomargin mashsb-noshadow\" href=\"#\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Subscribe<\/span><\/a><div class=\"onoffswitch2 mash-medium mashsb-noshadow\" style=\"display:none\"><\/div><\/div>\n            <\/div>\n                <div style=\"clear:both\"><\/div><\/aside>\n            <!-- Share buttons by mashshare.net - Version: 4.0.47--><p><a href=\"http:\/\/dailywire.com\/topic\/inflation\">Inflation<\/a> for <a href=\"http:\/\/dailywire.com\/topic\/business\">businesses<\/a> remained <a href=\"http:\/\/dailywire.com\/topic\/economy\">elevated<\/a> as the Producer Price Index (PPI) rose 10.8% from May 2021 to May 2022, a Tuesday report from the <a href=\"https:\/\/www.bls.gov\/news.release\/ppi.nr0.htm\">U.S. Bureau of Labor Statistics<\/a> revealed.<\/p>\n<p>The index\u2019s rise was driven largely by energy costs soaring by 5% during the month of May and transportation expenses increasing nearly 3% \u2014 a phenomenon that occurred as prices at the pump continually reach new highs and surpass a national average of <a href=\"https:\/\/www.dailywire.com\/news\/gas-prices-hit-grim-national-average-of-5-per-gallon\">$5 per gallon<\/a>.<\/p>\n<p>\u201cBusinesses are being forced to raise prices, or succumb to shrinkflation, as transportation of goods goes up,\u201d Job Creators Network CEO Alfredo Ortiz said in a statement provided to The Daily Wire. \u201cAll of this leads to Americans becoming poorer than ever.\u201d<\/p>\n<p>The news comes days after the Bureau of Labor Statistics <a href=\"https:\/\/www.dailywire.com\/news\/inflation-reaches-8-6-setting-new-four-decade-high\">announced<\/a> that the Consumer Price Index (CPI) rose 8.6% over the same period, thereby hitting a new four-decade record. As with businesses, consumers are <a href=\"https:\/\/www.dailywire.com\/news\/here-are-the-products-gutting-your-bank-account-as-inflation-soars\">especially pressed<\/a> by energy prices \u2014 fuel oil, gasoline, utility gas service, and electricity costs rose by 107%, 49%, 30%, and 12% year-over-year, respectively. Likewise, the entire economy is enduring a shortage of new and used vehicles, for which prices respectively increased by 13% and 16%.<\/p>\n<p>When businesses face higher costs, they are forced to pass some of the expenses onto consumers to remain profitable \u2014 pushing up prices for households as a result.<\/p>\n<p>\u201cBiden has created an economic mess,\u201d Ortiz added. \u201cHe dug this hole with reckless government spending and regulations, now the economy is spiraling, and the hole is digging itself deeper even with Biden\u2019s inaction.\u201d<\/p>\n<p>Indeed, President Joe Biden <a href=\"https:\/\/www.dailywire.com\/news\/president-biden-blames-vladimir-putin-for-record-high-inflation\">attributed the higher prices<\/a> to Russian President Vladimir Putin\u2019s invasion of Ukraine.<\/p>\n<p>\u201cPutin\u2019s Price Hike hit hard in May here and around the world: high gas prices at the pump, energy, and food prices accounted for around half of the monthly price increases, and gas pump prices are up by $2 a gallon in many places since Russian troops began to threaten Ukraine,\u201d Biden said in a statement. \u201cEven as we continue our work to defend freedom in Ukraine, we must do more \u2014 and quickly \u2014 to get prices down here in the United States.\u201d<\/p>\n<p>Biden also called for Congress to \u201cmake the wealthiest Americans and big corporations pay their fair share\u201d and thereby \u201creduce this inflationary pressure even more.\u201d<\/p>\n<p>The dismal inflation news <a href=\"https:\/\/www.dailywire.com\/news\/bloodbath-on-wall-street-as-stock-market-plunges-into-bear-territory\">triggered a Monday selloff<\/a> on Wall Street. The Dow Jones Industrial Average fell nearly 3%, the S&#038;P 500 fell about 4%, and the Nasdaq fell 4.7%. Last week, the Dow fell 2.7%, the S&#038;P fell 2.9%, and the Nasdaq fell 3.5%.<\/p>\n<p>The Biden administration, however, has <a href=\"https:\/\/www.dailywire.com\/news\/huh-white-house-claims-biden-has-sparked-a-historic-economic-boom\">deflected<\/a> from poor stock market performance.<\/p>\n<p>\u201cSo, as you know, we are watching \u2014 we\u2019re watching closely,\u201d White House Press Secretary Karine Jean-Pierre said when asked about plummeting asset prices. \u201cWe know families are concerned about inflation and the stock market. That is something that the President is \u2014 is really aware of. And so, look, we face global challenges. We\u2019ve talked about this. This is \u2014 we\u2019re not the only country dealing with what we\u2019re seeing at the moment as it relates to inflation.\u201d<\/p>\n<p>Jean-Pierre then argued that the Democrats\u2019 $1.9 trillion American Rescue Plan led to a \u201chistorical economic boom,\u201d especially in relation to the labor market. Although unemployment remains low and nominal wages increased between May 2021 and May 2022, real wages <a href=\"https:\/\/www.bls.gov\/news.release\/realer.nr0.htm\">dropped<\/a> by 3% due to the faster inflation rate.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Inflation for businesses remained elevated as the Producer Price Index (PPI) rose 10.8% from May 2021 to May 2022, a Tuesday report from the U.S. Bureau of Labor Statistics revealed. The index\u2019s rise was driven largely by energy costs soaring by 5% during the month of May and transportation expenses increasing nearly 3% \u2014 a &#8230;<\/p>\n","protected":false},"author":99,"featured_media":1515178,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","fifu_image_url":"","fifu_image_alt":"","footnotes":""},"categories":[],"tags":[],"class_list":["post-1515133","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry"],"_links":{"self":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1515133","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/users\/99"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=1515133"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1515133\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/1515178"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=1515133"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=1515133"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=1515133"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}