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 3.4% for the 12 months ending in December—rising up from 3.1%. Core inflation, which excludes volatile energy and food prices, rose at a pace of 3.9% in December from a year prior. The shelter and food indices increased 6.2% and 2.7%, respectively, over the past 12 months. Real wages increased by 0.5%.

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

“Today’s inflation report provides American households with little confidence in Bidenomics. The increase in the headline consumer price index in December is a reminder that bringing prices back down to early 2021 levels will be difficult, and impossible unless we change course. Consequently, inflation and the economy remain top issues for Americans, especially women who make the household spending decisions for most families.

“President Biden’s economic plan is not working. Massive federal spending, increased regulations and energy restrictions are the reasons that prices took off in 2021 and still remain high today. Hiking interest rates may have combated inflation but drove up housing costs. We need fresh ideas to expand output and drive economic growth, not more of this failed economic agenda.

“To help Americans battle inflation, Congress should undo the ill-advised regulations on small businesses and entrepreneurs such as the Department of Labor’s final independent contractor rule.” 

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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.