CNBC anchor Rick Santelli, the man who helped create the Tea Party movement after President Obama was elected with his anti-homeowner hijinks, was thoroughly walloped by the horrible data in July's Producer Price Index.
Santelli is one of the worst of the worst, but he can read actual data.
SANTELLI: Be very careful how we look at some of these numbers.
We're a couple seconds away, folks, from our July release of the Producer Price Index.
Headline number is whoppingly big, oh my goodness.
Up nine-tenths of a percent, up nine-tenths. And if you strip out food and energy, guess what? It's still up nine-tenths.
Boy, that equals June of 22, you're to March of 22 on the headline to find a bigger number. On the core number, that would come to March of 22 since we've had a number of that magnitude when it was 1.2%.
These are kind of COVID distorted numbers.
Now, let's look at ex-food, energy, and trade. Triple the expectations.
All three of those were expected to be up two-tenths.
This is up six-tenths.
Six-tenths would be the highest level since March of 22 when it was nine-tenths.
--So we see every single metric is warmer than expected.
Every single metric is significantly higher sequentially.
Rick Santelli should be boiled in oil for his behavior after the financial collapse in 2008, but he's right about these numbers. They are horrifying.
