Today’s Producer Price Index (PPI) Report reveals how Donald Trump’s billionaire-first agenda continues to devastate Americans, skyrocketing prices and tanking the economy. In July, wholesale prices jumped 0.9%, more than expected and the most since March 2022. The PPI had the highest year-over-year inflation rate since February, rising by 3.3%. Core PPI jumped by the most since April 2021. Economists predict that it will “only be a matter of time” before Trump’s tariffs drive even higher prices for American consumers. 

In response, DNC Rapid Response Director Kendall Witmer released the following statement:

“As families start their back-to-school shopping, Donald Trump’s economic policies are skyrocketing prices for business and families alike. Americans are cutting back on basic necessities as Trump’s erratic trade war causes more economic uncertainty and his billionaire-first budget cuts health care and food assistance for millions of Americans. As Trump and his billionaire friends profit, consumers and small businesses are grappling with astronomical prices — and it’s only predicted to get worse.” 

Trump’s erratic trade war is accelerating core inflation as prices skyrocket “at the fastest annual pace in five months.” Under Trump, service prices like airfare and medical care costs jumped this month by “the most since the start of the year.” And economists warn that Trump’s inflationary trade war will only push prices higher in the coming months.

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