Arrington: Americans Paying Price for Administration's Denial on InflationWASHINGTON – House Budget Committee Chairman Jodey Arrington (R-TX), issued the following statement after the Consumer Price Index (CPI) showed another month of rising prices.
“Today’s CPI report once again shows the painful staying power of the record high inflation brought to the American people by President Biden’s reckless spending. While the Biden Administration pretends the economy is on the mend, Americans continue to pay the price for their failed economic policies.
“Reducing inflation will require significant change in policy - from taxes, to energy, to welfare. I encourage my Democratic colleagues to work with House Republicans to start by reining-in unbridled deficit spending.”
CPI By the Numbers:
- Inflation is running at 5.0 percent. Inflation has risen 14.9 percent since President Biden took office, amounting to $1,098 in increased average costs for a family of four.
- Real wages have declined by 3.7 percent since President Biden took office.
- Core inflation is at 5.6 percent, more than triple the level when President Biden took office.
- Gasoline prices are currently 37.8 percent higher than when President Biden took office. Energy prices have increased 32.6 percent since President Biden took office.
- Food prices are currently 17.7 percent higher than when President Biden took office.