High consumer price inflation and double-digit wholesale price inflation bad news for Americans
Washington, D.C.--U.S. Senator for Idaho Mike Crapo, Ranking Member of the Senate Finance Committee, issued the following statement after the Consumer Price Index (CPI) release showed inflation holding high at 8.3 percent year over year in April, and the Producer Price Index, or wholesale price inflation, remaining at a troubling double-digit rate of 11.0 percent.
“The Biden Administration’s runaway inflation is not contained and a slight, one-month dip downward in the consumer price index is no cause for celebration, as Idahoans continue to feel the pain of broad-based and rapid price increases. And, today’s 11 percent wholesale price inflation means higher consumer prices down the road. With increasing risks of a recession and rising mortgage rates, this is no time to resurrect failed tax-and-spend proposals that will only cause further economic damage.”
To view Senator Crapo’s remarks, click HERE or the image above.