WASHINGTON, D.C. — Today, the Bureau of Labor Statistics announced that inflation on all items increased 8.6% for the 12 months ending May. The energy index rose 34.6% over the last year and the food index increased 10%, the largest 12-month increase since the period ending March 1981.
Independent Women’s Forum produces a monthly Inflation Tracker on popular household items that women purchase.
Patrice Onwuka, director of the Center for Economic Opportunity (CEO) at Independent Women’s Forum, issued the following statement:
“It’s very concerning that inflation is accelerating again. Every American family, especially poor households, are penalized by punishing prices across the board. We are now beginning to see consumers alter their spending behaviors as a result: dining out less, putting off planned purchases, and bargain-hunting for cheaper products.
“The left is finally acknowledging inflation because elections are around the corner and many people are spending $100 to fill up their tanks. Prices have been largely rising for the past year, accelerating after a Democratic-led Congress passed President Biden’s American Rescue Plan. Even worse, Biden’s energy policy to force an economy-wide shift away from gasoline and natural gas to so-called “green” energy will lock in high gas prices for the future.
“Mr. President, don’t tell us Americans are ‘feeling financially comfortable’ when many people are choosing between gas and groceries. Don’t tell us the economy is great when it shrank last quarter and we could be on our way to recession. Don’t boast about rising wages when inflation is effectively leaving workers with a paycut. Don’t tell us ‘just buy an electric vehicle’ when they are more expensive, less available, and less practical to drive. Americans need leadership and relief, neither of which the president has to offer.”
Independent Women’s Forum is dedicated to developing and advancing policies that aren’t just well intended but actually enhance people’s freedom, choices, and opportunities.
Independent Women’s Forum’s Center for Economic Opportunity (CEO) aims to educate the public about how government policies impact people’s opportunities for economic development and upward mobility.