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Rep. Elise Stefanik, Chairwoman
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Press Releases

Key Inflation Indicator Soared To A Record High In July

Washington, DC, August 12, 2021
President Biden and House Democrats' out-of-control spending caused a key inflation indicator to reach a new record high in July.  The Producer Price Inflation (PPI) index rose 7.8% over the last 12 months This is a new record high since the Bureau of Labor Statistics first began calculating the index in November 2010. BIDEN'S INFLATION BY THE NUMBERS: 
  • Inflation has increased every month since Joe Biden became President. 
  • Americans are now also earning less than they did last year because of inflation.
  • The PPI index hit a record high in July.
  • The Consumer-Price Index (CPI) rose 5.4% in July from a year earlier, holding at a 13-year high over the 12-month period.
    • This matches the CPI's largest jump since right before the financial crash in August 2008.
  • Americans are paying more for just about everything: 
    • Car rentals are UP 73.5% 
    • Gas is UP 41.8%
    • Hotels are UP 24.1%
    • Airfare is UP 19%
    • Steaks are UP 10.7%
    • Fish is UP 8.5%
    • Sports equipment is UP 7.2%
It's simple: Inflation is taxation. While Americans are making less, they are paying more for just about everything, and President Biden's out-of-control spending is the reason why.