The Producer Price Index announced today was up .8%. That means that the cost of food, energy and every other facet of life has gone up. A lot.
Strategists found this an “unexpected” spike. They were looking for an increase of just .2%. This uptick makes it the largest increase since April and has put inflation on an upward trajectory of 6.7 for the year.
This is not a surprise to us in flyover country who have noticed that food is costing us more each week at the supermarket.
In announcing the data this morning, CNBC reporter Rick Santelli said the economy was not yet needing paddles to revive it, but getting darn close.