WASHINGTON, D.C. — Today, the Bureau of Labor Statistics announced that inflation on all items increased 7.7% for the 12 months ending in October falling slightly from last month, but still near 40-year highs. The energy index rose 17.6% over the last year, the shelter index rose 6.9%, and the food at home index increased 12.4%. Real wages fell by 3.7%.
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:
“Dipping inflation is a positive sign for American families that the pace of inflation is slowing. Yet, grocery store prices are still up nearly 12.5% from this time last year and last year, inflation was markedly higher than before the start of 2021. Families have been punished by high prices for over a year because of Washington’s reckless spending that needlessly juiced consumer demand when supply was clearly incapable of meeting it.
“Now, just two weeks before Thanksgiving, Americans face even higher Thanksgiving dinner costs than last year’s 15% increase. Families face worse sticker shock this year as they shop for dinner ingredients due to record-high turkey prices and escalating food prices. Higher Thanksgiving grocery bills are another reminder that inflation is neither transitory nor a ‘high-class problem’ as the White House and its allies claimed. Poor and low-income families and minorities disproportionately bear the burden of inflation. And now, even middle-and upper-class families report greater economic hardship from inflation.
“Look for the White House to try to take credit for slightly lower inflation, but Americans know that people are still suffering and President Biden’s policies have been to blame. Worse, his Inflation Reduction Act does nothing to address grocery store prices or energy costs. Rising interest rates are cooling off the economy, but we know that nothing short of a 180-degree change in federal energy and fiscal policies will right this ship.