WASHINGTON, D.C. — Today, the Bureau of Labor Statistics announced that inflation on all items increased 8.3% for the 12 months ending in August, easing slightly from near record-highs recorded last month. The energy index rose 23.8% over the last year, and the food index increased 11.4% — the largest 12-month increase since 1979. Real wages fell 3.4%.
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:
“Today’s report confirms what Americans already feel: inflation is still painfully high and a little relief at the pump is swallowed up by rising grocery prices. Food costs spiked again in August, adding new pressure to middle-class family budgets and robbing vulnerable Americans of the ability to feed their families. Poor and low-wage households, including many minorities, struggle with rising grocery costs more than other households because they spend more of their budgets on food and necessities proportionately.
“Democrats in Washington pulled a bait-and-switch on Americans by passing the falsely-named Inflation Reduction Act. Independent, non-partisan analysis confirms that this bill won’t slow inflation, but fulfills liberal tax and climate wishlists that will drive up energy prices. This won’t help families put food on the table. Furthermore, the Biden administration wants to continue its reckless spending spree with a trillion-dollar student loan ‘forgiveness’ plan. Trillions of dollars in unnecessary federal spending are precisely what ignited inflation last year. Looks like President Biden wants to double down on his inflationary agenda.”
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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.