October 28,2022

Crapo on Inflation: No Signs of Slowing

Core inflation increases in September

Washington, D.C.--U.S. Senate Finance Committee Ranking Member Mike Crapo (R-Idaho) issued the statement below following the release of data on the personal consumption expenditures price index (PCE), which showed that year-over-year PCE inflation was 6.2 percent in September, the same as in August.  The core PCE price index, which excludes energy and food prices, was 5.1 percent in September, an increase from August’s 4.9 percent.  Inflation in the PCE has been above 6.0 percent for 10 consecutive months, well above the Federal Reserve’s 2.0 percent target.   

“Today’s inflation data confirms what American workers and families feel every day in the grocery aisles and at the gas pump: continued broad-based runaway increases in prices.  Paychecks continue to be eroded by runaway inflation that was fueled by the Biden Administration’s unbridled and reckless spending sprees.  With inflation continuing to run well above the Fed’s target, interest rates will continue to rise, putting yet more strain on small businesses and new home buyers seeking credit.  These are direct results of the Administration’s mismanagement of the economy.”