Bureau of Economic Analysis: PCE Inflation Rose to 2.7 Percent in March
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 to 2.7 percent for the month of March. This is an increase from February’s 2.5 percent.
Chairman Arrington on PCE:
House Budget Committee Chairman Jodey Arrington (R-TX) issued the following statement on the PCE rising 2.7 percent in March:
“Today, the Bureau of Economic Analysis (BEA) reported that inflation, as measured by the Personal Consumption Expenditures (PCE) price index, rose by an alarming 2.7 percent. Since Biden took office, prices have increased by a total of 18.9 percent. This means that the average family of four is paying an additional $16,726 per year or $1,393 per month to purchase the same goods and services. Earlier this month, the Consumer Price Index (CPI) report highlighted the distressing pattern of rising inflation. That report showed CPI inflation at 3.5 percent, the highest rate in six months.
Once Biden lit the fire of inflation by excessive spending and then proceeded to pour gasoline on it by increasing taxes and regulation, it was bound to burn through our economy and family budgets for a while.”
Background:
- Year-over-year PCE inflation Rose to 2.7 percent while core PCE inflation was unchanged a 2.8 percent.
- Last quarter GDP grew by just 1.6 percent – well below expectations.
- This month’s CPI report showed inflation increase by 3.5 percent, the highest level in six months.
- Since January 2021, prices have increased by 18.9 percent. This means that the average family of four is paying an additional $16,726 per year or $1,393 per month to purchase the same goods and services as in January 2021.
- The gross national debt is currently $34.57 trillion. This equates to:
- $103,729 per person in the U.S.
- $263,034 per household in the U.S.
- $478,000 per child in the U.S.
- The debt one year ago was $31.46 trillion, meaning that the debt has increased by $3.11 trillion over the past 12 months. The rate of increase since one year ago has equaled:
- $8.53 billion in new debt per day.
- $355.46 million in new debt per hour.
- $5.92 million in new debt per minute.
- $98,738 in new debt per second.
Click HERE for Chairman Arrington’s statement on GDP rising by 1.6 percent for Q1 of 2024.
Click HERE to read Chairman Arrington’s statement on the March inflation rate coming in at 3.5 percent.
