Bureau of Economic Analysis: PCE Inflation Rose by 2.7 Percent in April
WASHINGTON, D.C. – Today the Bureau of Economic Analysis (BEA) reported that the Personal Consumption Expenditures (PCE) price index, the Federal Reserve’s preferred measure of inflation, rose by 2.7 percent over the last year for the month of April. This is unchanged from March’s 2.7 percent.
House Budget Committee Chairman Jodey Arrington (R-TX) issued the following statement on PCE rising 2.7 percent over the last year in April:
How bad was the impact of Democrats’ spending spree and Bidenomics on our economy?
Prices on essential goods Americans depend on have gone up 20 percent since Biden took office. The Federal Reserve said their interest rate increases would only be transitional and they would quickly find a soft landing. Two years and eleven interest rate hikes later (the highest rate increase in over 20 years), the Federal Reserve can’t seem to get inflation under control and rates don’t look to be coming down anytime soon.
Today’s report reiterates how persistent and stubborn inflation has become under Biden’s failed economic policies and Democrats’ record $7 trillion in deficit spending.
Background:
- Year-over-year PCE inflation rose by 2.7 percent, while core PCE inflation, which includes food and energy categories, grew at 2.8 percent.
- Last quarter GDP grew by just 1.3 percent – well below previous estimates.
- In this month’s CPI report, inflation came in at 3.4 percent year over year.
- Since January 2021, prices, as measured by the Consumer Price Index, have increased by 19.3 percent. This means that the average family of four is paying an additional $17,080 per year or $1,423 per month to purchase the same goods and services as in January 2021.
- The gross national debt is currently $34.62 trillion. This equates to:
- $103,833 per person in the U.S.
- $263,297 per household in the U.S.
- $478,477 per child in the U.S.
- The debt one year ago was $31.46 trillion, meaning that the debt has increased by $3.16 trillion over the past 12 months. The rate of increase since one year ago has equaled:
- $8.60 billion in new debt per day.
- $359 million in new debt per hour.
- $6 million in new debt per minute.
- $99,608 in new debt per second.
Read Chairman Arrington’s statement on GDP rising by only 1.3 percent for Q1 of 2024 HERE.
Read Chairman Arrington’s statement on CPI inflation rising 3.4 percent in April HERE.
