‘My Goodness!!’ CNBC Anchor Flips Out Over ‘WHOPPINGLY Big’ Inflation Number Amid Trump Moves

CNBC anchor Rick Santelli flipped his lid over higher-than-expected inflation numbers, a blow to President Donald Trump’s crusade for an interest rate reduction and his firing of the BLS chief.

On Thursday morning, the Bureau of Labor Statistics released a PPI (Producer Price Index)  report that showed much higher inflation than expected:

The Producer Price Index for final demand rose 0.9 percent in July. Prices for final demand services advanced 1.1 percent, and the index for final demand goods increased 0.7 percent. On an unadjusted basis, the index for final demand moved up 3.3 percent for the 12 months ended in July.

Santelli was stunned as he read the news on Thursday morning’s edition of CNBC’s Squawk Box, exclaiming “Oh my goodness!” at the “whoppingly big” increase and hinting at interest rate increases:

RICK 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 9 tenths of a percent. Up 9 tenths. And if you strip out food and energy, guess what? It’s still up 9/10ths. Boy, that equals June of 22!

You’re at the 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 2 tenths. This is up 6 tenths, 6 tenths would be the highest level since March of 2022 when it was 9 tenths.

Watch above via CNBC’s Squawk Box.