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 3.5% for the 12 months ending in March—up from 3.2%. Core inflation, which excludes volatile energy and food prices, held steady at a pace of 3.8% in March from a year prior. The shelter and food indices increased 5.7% and 2.2%, respectively, over the past 12 months. Real wages increased by 0.6%.

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

“Prices remain frustratingly high for households grappling with over 3 years of accelerated costs on day-to-day essentials. January and February’s inflation rate acceleration might have been dismissed as anomalies. But, a third straight month confirms that the inflation rate is on a troubling trajectory again. Neither President Biden nor the Federal Reserve Bank have won the war on elevated prices.

“99 cent-only stores are shutting down and Dollar Trees are scaling back leading to fewer and fewer options for families stressed by elevated inflation, rising interest rates, and high rent prices to shop on a tight budget. Americans remember that throughout 2020 amid severe supply-chain disruptions and business shutdowns, prices were reasonable. Grocery prices are now up 21% over the past three years as the Biden administration’s economic and energy agenda of massive and irresponsible federal spending has taken effect. Where is the relief that the misleading-named Inflation Reduction Act was supposed to deliver?

“Instead, American workers, especially women, are forced to take on extra jobs and new side hustles to stretch their paychecks which hardly keep pace with inflation. Even the ability to earn extra income or start small businesses is at risk due to Biden’s labor rules on independent contracting. Americans deserve better from Washington than tone-deaf rhetoric about the wonders of this economy. They want to afford a normal life again.”



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.