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 3.2% for the 12 months ending in July. This  marks a turnaround from previous months’ CPI declines. Core inflation, which excludes volatile energy and food prices, rose at a pace of 4.7% in July from a year prior. The shelter and food-at-home indices increased 7.7% and 4.9%, respectively, over the past 12 months. Real wages increased by 0.2%.

Patrice Onwuka, director of the Center for Economic Opportunity (CEO) at IWF, issued the following statement:

“August inflation numbers spell bad news for families: rising headline inflation, a more costly back-to-school shopping season, accelerating rent prices, and increased daycare costs. While food price increases are slowing and there is some easing of utility costs, prices across the board are still markedly higher today than they were in 2021.  No wonder credit card debt has hit a record $1.3 trillion, households are altering their spending habits, and Americans are raiding their retirement accounts.

“August’s inflation report spells bad news for Bidenomics, President Biden’s economic agenda. While he fans out across the country to tout his legislative accomplishments, he must explain how his reckless nearly $2 trillion American Rescue spending bill was the rocket to propel inflation to 40-year highs. Then, he can try to defend the misleading Inflation Reduction Act, a climate change subsidy law for green corporations that does zero to reduce inflation on the everyday goods that Americans buy. 

“As Congress moves through the appropriations process and considers spending packages, now more than ever we need champions in Congress to keep fighting for spending restraint, the elimination of waste and fraud, and the reduction of tax and regulatory burden on households and businesses.”



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.