INFLATION HERE TO STAY: Budget Chairman Arrington Reacts to New PCEPI Report
House Budget Committee Chairman Jodey Arrington (R-TX) released the following statement today on the Bureau of Economic Analysis’s (BEA) August report on personal consumption expenditures price index (PCEPI) – the Fed’s preferred measure of inflation. The report showed that topline inflation has steadily increased for the third consecutive month, resulting in cumulative PCEPI inflation of 14.0% since President Biden took office.
“Our small businesses and employers are feeling the brunt of Bidenomics-induced inflation, forcing businesses to raise prices on American consumers. As a result, the average family of four today is paying $14,700 per year or $1,224 more per month to purchase the same goods and services compared to the day President Biden took office. The current fiscal state of our nation is unsustainable, but not unfixable. House Republicans are focused on long-term solutions to reverse President Biden’s disastrous fiscal policies and to uplift American families from despair. With the right policies in place to right-size the bureaucracy, rein-in spending, root out waste, and reignite growth and prosperity, we will provide the American people a brighter hope that better days are ahead.”