WASHINGTON, D.C. — Inflation hit a record-breaking 7.9% last month compared to a year prior according to new economic data released today by the Bureau of Labor Statistics. Independent Women’s Forum’s Center for Economic Opportunity Inflation Tracker has analyzed price increases on common household items in recent months and has found that prices on goods such as milk, bread, meat, shelter, and gas are up significantly nearly across the board.

Patrice Onwuka, director of IWF’s Center for Economic Opportunity (CEO), issued the following statement:

“Today’s inflation is ubiquitous, deep, and lasting. Americans cannot escape rising prices for everyday necessities at the pharmacy, grocery store, and gas pump or to keep a roof over their heads. Prices on food prepared at home have not been this high in decades, yet workers’ paychecks aren’t keeping up. Eroding purchasing power and reduced savings will start to decrease our quality of life as families are forced to make tough budget decisions. There’s no spinning the fact that inflation is a tax on American households and one that poor, elderly, and low-income families feel the most. They spend more of their income proportionately on necessities like groceries and gas. 

“Just as the nation is emerging from the health crisis of the pandemic, we are plunged into the crisis of soaring energy and food prices. Today’s data was captured before Russia’s Ukraine invasion sent shock waves across international energy markets, so real-time inflation is likely worse. Washington has no good answers other than to spend trillions more and to reintroduce earmarks. That’s doubling down on the approach that has created this problem. Today, they want to blame foreign affairs, but it was the Biden administration’s fiscal and energy policies that fueled rising prices. More federal spending will only drive prices higher and increase hardship on American families.”



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