Press Releases

In December, the Consumer Price Index (CPI), a key inflation index, showed that over the last 12 months all items index increased 6.5%. This was the second-hottest December CPI report since 1981. The report also showed that real average hourly earnings for Americans decreased by 3.1% over this period. December was the 21st straight month that real wages have been negative.

BIDEN’S ECONOMIC CRISIS BY THE NUMBERS:

• Inflation is a tax on ALL Americans.
• When Joe Biden took office, inflation was at just 1.4%.
• In December, the CPI came in at 6.5% for the 12 months ending December.
  • This is the second-hottest December CPI report since 1981
• Families across the country are still paying more for just about everything:
  • Food at elementary and secondary schools are UP 305.2%
  • Food at employee sites and schools are UP 129.6%
  • Eggs are UP 59.9%
  • Fuel oil is UP 41.5%
  • Butter and margarine are UP 35.3%
  • Airfares are UP 28.5%
  • Lettuce is UP 24.9%
  • Flour is UP 23.4%
  • Peanut butter is UP 18.2%
  • Fresh biscuits, rolls, and muffins are UP 16.3%
  • Cereals and bakery products are UP 16.1%
  • Transportation services are UP 14.6%
  • Electricity is UP 14.3%
  • Milk is UP 12.5%
• The shelter index continued to increase, rising 0.8% over the month.
• December was the 21st straight month that real wages have been negative.
• Real average hourly earnings decreased 1.7%, seasonally adjusted, from December 2021 to December 2022.
  • The change in real average hourly earnings combined with a decrease of 1.4% in the average workweek resulted in a 3.1% DECREASE in real average weekly earnings over this period.
• In July 2021, Joe Biden told the American people inflation was just “temporary” after the CPI increased to 5.4% and White House Chief of Staff Ron Klain called inflation a “high-class problem.

MAKE NO MISTAKE: Inflation is a tax on all Americans and has skyrocketed from 1.4% when he took office to 6.5% today because of Joe Biden’s out-of-control government spending. House Republicans are committed to REIN IN Biden’s out-of-control government spending and driving down costs for the American people.