June 13, 2023

Chairman Arrington: Despite Topline Inflation Slowing, Core Inflation Remains Near Peak Levels

Today, House Budget Committee Chairman Jodey Arrington (R-TX) released the following statement after the Bureau of Labor Statistics released its consumer price index report for May:
“While the topline inflation number has finally started to decline, core inflation remains near its peak levels. Slow progress this far after the pandemic’s peak is unacceptable, and Americans expect to feel the sting of inflation for months to come. House Republicans are going to continue to hold this Administration accountable for the reckless spending that has buried taxpayers in Biden’s inflation ridden economy for far too long.”
Key Points:

  1. The consumer price index reported a year-over-year increase of 4.1 percent in May.
  2. Core inflation—which is the better indicator for predicating future inflation—reported a rate of 5.3 percent and is virtually unchanged from the end of Biden’s first year in office.
  3. Due to the monthly increase in prices, cumulative inflation under President Biden increased to 15.5 percent.
  4. As a direct result, the price to raise a family of four has increased by $1,143 per month.

Related Issues