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 3.7% for the 12 months ending in September—holding steady. Core inflation, which excludes volatile energy and food prices, rose at a pace of 4.1% in September from a year prior. The shelter and food indices increased 7.2% and 3.7%, respectively, over the past 12 months. Real wages decreased by 0.1%.
Patrice Onwuka, director of the Center for Economic Opportunity (CEO) at IWF, issued the following statement:
“High inflation for yet another month is our new harsh reality with devastating impacts for middle-class and poor Americans. Even worse, real wages are falling once again as prices on gas and goods accelerated last month. Households are bending under the weight of elevated prices. The deceleration of inflation is gone and credit card debt is up while savings are evaporating as Americans try to maintain their quality of life. This is the outcome of the Biden economic agenda that prioritizes massive unnecessary federal spending and increases needless government control over the private sector.
“Alarmingly, a new report on global hunger finds that 18% of U.S. adults have had a child go to bed hungry. Inflation and high cost of living are the leading reasons for child hunger. Global conflict is a high priority in light of the vicious Palestinian attacks on Israelis. However, our leaders cannot lose sight of finding ways to reduce the costs to get food on shelves and into the homes of Americans. Here are a few ideas: Cut the red tape on food producers that doesn’t impact quality and safety, undo the green regulatory stranglehold on free enterprise, cut taxes to allow workers to keep more of their incomes, and encourage support for civil society organizations serving the most needy.”