WASHINGTON, D.C. Today, the Bureau of Labor Statistics announced that inflation on all items increased by 6% for the 12 months ending in February, the smallest 12-month increase since September 2021. Core inflation, which excludes volatile energy and food prices, rose at a pace of 5.5% in February from a year prior. The shelter and food-at-home indices increased 8.1% and 10.2% respectively over the past 12 months, both were higher than January’s increases. Real wages fell by 1.9%.

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:

“The crisis of affordability punishes households for yet another month. Shelter and food–the most basic needs of regular Americans–are the biggest drivers of inflation right now. Grocery prices rose 10.2% over the past year, actually rising from January’s 10.1% rate. It’s good that overall CPI and prices for some discretionary categories of goods such as used cars are falling. However, consumers can’t avoid the sustained high expense of feeding and sheltering their families. 

“Two years ago, liberal policymakers in Washington shocked the economy with an exceedingly excessive spending plan to jumpstart spending. Biden’s nearly $2 trillion American Rescue Plan sparked high inflation not seen in generations. Two years and over $2.5 trillion in additional spending later, inflation has not fallen back to pre-Biden levels. The pandemic is not an excuse for high inflation nor is corporate profiteering. Putin’s war on Ukraine only added to already spiking inflation, but it was not the root cause. Irresponsible fiscal policy and sluggish monetary policy spurred 40-year high inflation. Compounding $4.8 trillion of excessive federal spending already approved by the Biden Administration with a $6 trillion fiscal year 2024 budget request will turbocharge inflation. Households today and generations in the future cannot afford that price tag.”  

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.