Washington, D.C.-- U.S. Senate Finance Committee Ranking Member Mike Crapo (R-Idaho) released the below statement following the release of the personal consumption expenditures (PCE) price index for May, which remained at 6.3 percent from April.
“Today’s data on inflation in the personal consumption expenditures price index, the Fed’s preferred measure of consumer prices, confirms prices continue to climb and eat away at workers’ paychecks. The runaway inflation that began after the partisan American Rescue Plan was jammed through Congress is bad enough. The economic mismanagement of the past year and a half threatens to compound the problem through recession and stagflation, which will harm American families even more. Now is not the time to bring back failed tax-and-spending schemes.”