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 3.0% for the 12 months ending in January. Prices overall are up over 21.4% 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 3.3% in January from a year prior, increasing slightly from the previous month’s rate of 3.2. Housing inflation (shelter) increased by 4.4%, and food accelerated by 2.5% over the past 12 months, matching from 2.5% in December. Real average weekly wages increased by just 0.7%.
Carrie Sheffield, senior policy analyst for the Center for Economic Opportunity at Independent Women, issued the following statement:
“The persistence of painful inflation in January affirms the urgent need for policymakers to take bold steps to lower prices for Americans.
“President Trump took office on January 20 and issued a powerful executive order to reduce the Biden-exacerbated government regulatory burden which is driving up prices, including for housing and consumer goods.
“President Trump issued an executive order also targeting the ineffective, expensive and inflationary Green New Deal. His energy policy team has also announced their intention to unleash energy production, which will lower prices for utilities and transportation–significant drivers of inflation.
“Members of Congress and President Trump are also working to pass renewed tax reforms that will improve wage growth and ensure families keep more of their hard-earned money.
“We look forward to seeing these efforts bear fruit and ease inflation for American families in the months ahead.”
###
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.