You really don't understand the context of this exchange at all.
First off, it was Joey the asshole pretty boy and popular kid who said it, and he was being deliberately insulting towards Kat and making fun of her womanhood in front of the entire class. It's considered extremely rude to talk about a young woman's period in public in front of the very people she has to see every day at school. Most people in real life don't go there, as an unwritten rule, particularly not guys.
Second, it was also some black humor regarding Kat being a bitch and blaming her behavior on PMS. (Even daddy brings up the PMS joke later in the film).
Third, at the time, we don't understand why she's that way, so it seems only slightly less insulting until you find out about Kat's personal issues, and her past relationship and history with Joey.
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