WASHINGTON, D.C. — Today, the Bureau of Labor Statistics announced that inflation on all items increased 8.5% for the 12 months ending in July, easing slightly from record-highs recorded last month. The energy index rose 32.9% over the last year, and the food index increased 10.9% — the largest 12-month increase in over two decades. Real wages fell 3.6%.
Independent Women’s Forum (IWF) produces a monthly Inflation Tracker on popular household items that women purchase.
Patrice Onwuka, director of the Center for Economic Opportunity (CEO) at IWF, issued the following statement:
“Another month of out-of-control inflation is making it harder for American families to send their kids back to school with the items they need to succeed. Parents face sticker shock over the prices of school essentials such as backpacks, notebooks, pens, and pencils. A basket of a dozen supplies costs nearly 15% more on average compared to one year ago. Families can’t even rely on the dollar store for relief because prices rose 25% or more on these items.
“Wages are not keeping pace with inflation pushing household savings down and credit card debt up. Expect households to buy fewer school supplies this year or trade down for cheaper brands. Low-income families are in the worst position as so much of their pay is eaten up by rising grocery costs and gas prices. Churches and nonprofits that host backpack drives will be important to help meet the needs of needy families.
“Americans are crying out for help. Democrats in Congress have answered with the misleading Inflation Reduction Act, a tax-and-spend bill that will make inflation worse over the next year. At the moment that families need to keep every penny, the Left is trying to impose taxes that will leave workers with less pay.”
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.