06/28/2024 | Press release | Distributed by Public on 06/28/2024 07:30
WASHINGTON, D.C. - Today the Bureau of Economic Analysis (BEA) reported that the Personal Consumption Expenditures (PCE) price index, the Federal Reserve's preferred measure of inflation, was 2.6 percent for the month of May. Since President Biden took office, prices have increased 19.3 percent. This means that the average family of four is paying an additional $17,080 per year or $1,423 per month to purchase the same goods and services as in January 2021.
House Budget Committee Chairman Jodey Arrington (R-TX) issued the following statement on President Biden's 20 percent inflation tax:
"Prices have risen nearly 20 percent under President Biden's watch. His spending lit the fuse of an inflationary firestorm that cost families over $17,000 more per year for the same gas, groceries, and other goods they bought before he took office. Interest rates soared in response to inflation, nearly doubling the cost of homes, cars, and other important purchases, worsening the cost-of-living crisis. While leveling inflation is a welcome sign, President Biden's failed economic policies and Democrats' reckless spending have caused prices to increase, causing massive harm to the American people."
Background:
More on the Economy from the House Budget Committee:
Read Chairman Arrington's statement on GDP growing 1.4 percent in Q1 of 2024 HERE.
ReadChairman Arrington's statement on CPI year-over-year inflation falling to 3.3 percent in May HERE.