WASHINGTON, D.C. Today, the Bureau of Labor Statistics announced that inflation as measured by the consumer price index (CPI) on all items increased by 4.9% for the 12 months ending in April. Core inflation, which excludes volatile energy and food prices, rose at a pace of 5.5% in April from a year prior. The shelter and food-at-home indices increased 8.1% and 7.1% respectively over the past 12 months. Real wages declined by 1.1%.

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 stuck on hold. It’s worrisome that the CPI declines we saw over the past few months have come to a halt. High inflation has proven to be trickier to solve than policymakers thought and will remain elevated for longer than they promised. In the meantime, households must spend more to shelter themselves and the dream of home ownership is moving further out of reach of more Americans.

“American households can’t catch a break. Increases in shelter, gasoline, and used vehicles were key drivers in pushing the index higher. These were offset somewhat by declines in prices for fuel oil, new vehicles, and food at home. Low-income households and older Americans living on fixed budgets bear the heavy brunt of protracted high prices because they are most sensitive to price fluctuations. Stubbornly high prices are discouraging and forcing individuals to pull back on spending.

“The Inflation Reduction Act was a farce that was never able or intended to measurably reduce food, gas, and shelter costs. Americans are awakening to the reality that excessive federal spending triggered 40-year inflation and more budget-busting proposals are irresponsible. As the White House and Congress debate a debt ceiling increase, spending cuts must not be left on the cutting floor. If Americans can be prudent with their finances in light of high prices, so can Washington.” 

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.