The Consumer Price Index (CPI), a key inflation index, came in “hotter” than economists had projected, increasing at an annual rate of 0.5 percent in January to 6.4 percent before seasonal adjustment, the U.S. Bureau of Labor Statistics reported today. This report shows that inflation is not cooling like the Biden Administration would like Americans to believe. 

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 January, the CPI came in at 6.4% for the 12 months ending December.
  • This was “hotter” than economists had projected and showed that inflation was not cooling down as the Biden Administration has claimed. 
• Americans are paying more for just about everything because of inflation:
  • Food at elementary and secondary schools is UP 301.9%
  • Food at employee sites and schools is UP 130.3%
  • Eggs are UP 70.1%
  • Butter and margarine are UP 32.5%
  • Fuel oil is UP 27.7%
  • Airline fares are UP 25.6%
  • Motor vehicle repair is UP 23.1%
  • Fats and oils are UP 20.9%
  • Flour and prepared flour mixes are UP 20.4%
  • Frozen vegetables are UP 18.6%
  • Cookies are UP 17.7%
  • Lettuce is UP 17.2%
  • Public transportation is UP 17.1%
  • Soups are UP 16.5%
  • White bread is UP 16.3%
  • Pet food is UP 15.1%
  • Transportation services are UP 14.6%
  • Milk is UP 11.0%
• Year-over-year real wages have been negative for 22 months. 
• Real average hourly earnings for all employees decreased 0.2% from December to January.
• Real average hourly earnings decreased 1.8%, seasonally adjusted, from January 2022 to January 2023.
• For months, the Biden Administration ignored inflation: 
  • In July 2021, Joe Biden told the American people inflation was just "temporary" after the CPI increased to 5.4%. 
  • In October 2021, White House Chief of Staff Ron Klain called inflation a "high-class problem.”
  • In February, Biden said he took no blame for America’s inflation crisis, even though inflation has skyrocketed because of his Far Left agenda and out-of-control government spending.   
• The skyrocketing cost of goods and services cost families $10,000 over the last two years. 
• A new ABC News-Washington Post poll reports more Americans than ever before say they are WORSE off financially than before the president took office. 
  • According to the same poll, six in ten Americans argue that President Biden has accomplished  “not very much” or “little or nothing” since taking office. 

MAKE NO MISTAKE: House Republicans are committed to reining in Joe Biden’s out-of-control government spending that has caused inflation to skyrocket and are working to build an economy that’s strong for every American. 

HOUSE REPUBLICANS’ PLAN: AN ECONOMY THAT’S STRONG:

• Fight Inflation and Lower the Cost of Living.
  • Curb wasteful government spending that is raising the price of groceries, gas, cars, and housing, and growing our national debt.
  • Increase take-home pay, create good-paying jobs, and bring stability to the economy through pro-growth tax and deregulatory policies