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 2.4% for the 12 months ending in September—more than expected and still above the Federal Reserve’s 2% target. Prices overall are up 20.5% since January 2021—the start of the Biden-Harris White House.
Core inflation, which excludes volatile energy and food prices, rose at a pace of 3.3% in September from a year prior. Inflation in housing (shelter) increased by 4.9% and food by 2.3% over the past 12 months. Real wages increased by just 0.9% for another month.
Patrice Onwuka, director of the Center for Economic Opportunity (CEO) at IWF, issued the following statement:
“Inflation came in hotter than expected with a concerning uptick in food prices and shockingly high shelter costs. While the inflation rate may have come down from eye-popping highs, prices are not. Americans are stuck paying about 21% more for goods and services now compared to the start of the Biden-Harris administration.
“Excessive federal spending ignited inflation from its low of about 1.3% when President Trump left office. The resilient American economy did not need nearly $2 trillion of federal dollars injected into the economy chasing too few goods. The Biden-Harris policy agenda has tended to haphazardly throw money at situations that should be left alone or to layer regulations on businesses and households regardless of how costly and destructive the outcome. Now, when devastated communities need federal resources, this administration seems to be scrambling.
“Americans want lower prices, lower taxes, and less government regulation. Small and large businesses need the certainty of knowing that the next administration will ease the burdens on their bottom lines so they can ramp up investment in their enterprises and cut prices for consumers. This was the previous Trump agenda and it worked. Nearly four years of Biden-Harris policies have delivered economic hardship for families and driven the American dream further out of reach.”
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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.