WASHINGTON, D.C. — Today, the Bureau of Labor Statistics announced that inflation on all items increased 9.1% for the 12 months ending in June. The energy index rose 41.6% over the last year, and the food index increased 10.4% – both are the largest 12-month increases in over two decades. Real wages fell 3.6%.
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:
“Today’s 9.1% inflation rate confirms what Americans feel every day at the dollar store, the grocery store, and the gas pump: Inflation is out of control and here to stay. Rising wages are not much consolation as real wages (or workers’ actual paychecks) cannot keep pace with rapid price increases. Women make most household spending decisions, so they know how inflation is eating away at their ability to put food on the table and stretch the family budget. That is why inflation ranks as the number #1 issue for female voters across the political spectrum.
“The Biden administration cannot spin away these inflation numbers or make other issues – from Putin to price gouging – the scapegoat. The president needs to own responsibility for some of this. Economists have confirmed that excessive federal spending on stimulus checks and various benefits through the American Rescue Plan fueled current inflation. President Biden’s reckless economic and radical energy policies have unleashed economic turmoil that is roiling markets and driving prices through the roof. Now is not the time for the left’s last-ditch attempt at another multi-trillion-dollar spending bill. That would make our situation worse by accelerating prices and leaving American households in an economic ditch.”
Yali Nunez, visiting fellow at Independent Women’s Forum, added, “As the first lady of the United States compares the Hispanic community with tacos, the inflation President Biden should’ve controlled long ago is hitting our community the hardest. According to a recent analysis from the Federal Reserve Bank of New York, Hispanic Americans’ inflation rates are higher than the national average. Under President Biden’s policies, the American dream for Hispanic Americans is quickly vanishing.”
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.