(The Center Square) – The latest inflation snapshot has the head of Wisconsin's largest business group talking about energy policy.
Kurt Bauer, Wisconsin Manufacturers & Commerce president and CEO, on Wednesday said the latest numbers show the Producer Price Index is up almost 11% year-over-year. He said that’s not sustainable for manufacturers and producers in Wisconsin.
“Prices continue to go up at historic rates, and the new PPI numbers show us that exorbitantly high costs are here to stay for the foreseeable future. When businesses are seeing double-digit increases on goods and services, it means the consumer will ultimately pay the price – literally,” Bauer said.
The Producer Price Index increased 0.8% from April to last month, and is now up 10.8% from 2021 according to Labor Department data.
The numbers show that nearly two-thirds of the most recent increase was due to a spike in prices, especially energy.
“Unfortunately, political leaders including President Biden and Gov. Evers have flooded the economy with borrowed money and pursued polices that have driven up costs for gasoline, electricity and countless other everyday items,” Bauer added.
The Labor Department numbers show that overall prices climbed 1.4%, driven by a 5% increase in energy.
“To get inflation under control, we need policymakers to unleash the potential of inexpensive American energy and rein in government spending,” Bauer said. “Until this happens, we can all expect to be forking over more and more for less and less.”