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 2.9% for the 12 months ending in December—rising for three months in a row from the previous months. Prices overall are up over 20% since January 2021—the start of the Biden-Harris White House.

Core inflation, which excludes volatile energy and food prices, rose at a higher pace of 3.2% in December from a year prior, dipping slightly from the previous month’s rate. Housing inflation (shelter) increased by 4.6%, and food accelerated by 2.5% over the past 12 months, up from 2.4% last month. Real wages increased by just 0.7%.

Patrice Onwuka, director of the Center for Economic Opportunity (CEO) at Independent Women’s Forum, issued the following statement:

“Hot inflation is a very troubling sign that high interest rates aren’t working to tamper inflation rates and bring prices down. For the third month in a row, the inflation rate is accelerating rather than pulling back. Food prices are picking back up and energy prices are rising again at the worst times for households. Many families right now are forced to choose between dinner, staying warm, and keeping the lights on amidst punishing arctic temperatures.

“President Biden leaves office with this economy and household financial situations worse off. In January 2021, when he was sworn in the inflation rate was just 1.4%. Now milk is up 19%, bread is up 26% and eggs are up 85% since he took office. These are numbers that matter to regular Americans. His inflationary spending agenda and onerous regulations across the economy drove prices through the roof, and they have not come down. Fighting inflation by hiking up interest rates has only compounded hardships for Americans. President Biden’s legacy is high prices, high inflation, high interest rates, and high frustration. 

“President-Elect Trump can’t assume office soon enough. His day-one actions to reignite domestic energy production and scale back strangling regulations cannot come sooner, because these are the seeds to grow a harvest of economic growth and prosperity. Executive actions alone won’t get the job done. We need to extend the expiring 2017 tax cuts, deregulate, and drive investment domestically to supercharge this economy. In doing so, we can grow incomes and allow Americans to keep more of what they earn.”

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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.