WASHINGTON, D.C. — Today, the Bureau of Labor Statistics announced that inflation (as measured by the consumer price index or CPI) on all items increased by 5% for the 12 months ending in March. Core inflation, which excludes volatile energy and food prices, accelerated slightly rising at a pace of 5.6% in March from a year prior. The shelter and food-at-home indices increased 8.2% and 8.4% respectively over the past 12 months. Real wages fell by 1.6%.
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:
“Inflation is still too high for most American families. Rising grocery and rent prices–two essential household budget items–continue to drive increased spending despite headline CPI decline. No wonder two out of three Americans say they could not cover their living expenses for a month if they lost their job today.
“Many Americans view elevated prices and the Federal Reserve’s interest-rate hikes as drivers of a recession. Half of Americans wish they could afford to prepare for an economic downturn, and 58% of women are in no position to do so because their income just cannot keep up with rising prices.
“Policymakers may not be able to stop an economic downturn, but they can ensure that Americans have access to as many income-generating opportunities as possible. Cracking down on independent contracting through the Protecting the Right to Organize (PRO) Act and Department of Labor regulations will kill small businesses, gig work, and other legitimate means for women to supplement household incomes or earn a living. Freelancing is a sustainable model of work that works for women. We are putting President Biden, Congress, and regulators on notice: women will not stop fighting to preserve it.”