(The Center Square) – Newly released federal inflation data shows that the Producer Price Index, a leading marker of inflation, rose last month.
The U.S. Bureau of Labor Statistics released the data, which showed a 0.1% increase in July, part of a 2.2% increase in the previous 12 months.
Notably, some goods have seen a major increase in the past 12 months, according to the data. Roasted coffee prices have increased 9.1% in the last year, dairy product prices rose 9.4%, and pork and “processed young chickens” prices rose 12.3% and 10.5% respectively.
Other goods saw a decrease. Corn prices dropped 28.3% in the same time period.
An increase in energy costs in particular helped fuel the overall increase.
“Prices for final demand goods rose 0.6 percent in July, the largest advance since a 1.1-percent jump in February,” BLS said. “Nearly 60 percent of the broad-based increase in July can be traced to the index for final demand energy, which moved up 1.9 percent. Prices for final demand goods less foods and energy and for final demand foods also rose, 0.2 percent and 0.6 percent, respectively.”
Goods saw a significant rise that was partially offset by a smaller decline in the price of services. Even then, the cost of goods varied.
“A quarter of the July rise in the index for final demand goods is attributable to a 2.8 percent advance in prices for gasoline,” BLS said. “The indexes for diesel fuel, meats, jet fuel, fresh fruits and melons, and basic organic chemicals also increased. Conversely, prices for electric power decreased 1.1 percent. The indexes for fresh and dry vegetables and for steel mill products also moved down.”
A major drop in the stock market last week raised concerns about the future of the economy this year.
Prices have risen more than 20% since President Joe Biden took office. While inflation has slowed its increase in recent months, prices have not decreased.
Republicans have continued to blast the Biden administration for the increased costs, which are making it harder for many Americans to make ends meet.
“Biden-Harris Price Hikes continue to increase prices of goods and services, making it harder for small businesses and families to make ends meet,” Sen. Rick Scott, R-Fla., said in a statement after the data’s release. “Every increase in costs is a burden for small businesses and when these folks face the historic inflation caused by Biden-Harris Price Hikes, those skyrocketing costs can quickly force them under. Under the failure of Bidenomics and the resulting Biden-Harris Price Hikes, the American Dream is growing further out of reach while families are having to choose which bills to pay this month and whether they can afford new school supplies for their children.”
