September 13,2022

Crapo on Persistently High Inflation

Washington, D.C.--U.S. Senate Finance Committee Ranking Member Mike Crapo (R-Idaho) issued the below statement following the release of the consumer price index (CPI) for August, which came in higher than expected at 8.3 percent and remains more than double the historic long-run average of 3.3 percent.   

“Widespread underlying inflation is still not under control, and Americans are paying far too much for everyday goods and services.  While the White House celebrates the mislabeled ‘Inflation Reduction Act’ today, economic data show that food costs rose 11.4 percent over the past year, the largest 12-month increase since May 1979.”  

The overall CPI is up 8.3 percent in August relative to a year earlier, higher than consensus estimates and more than double the historic long-run average of 3.3 percent.  Over the past year, food costs are up 11.4 percent, gasoline is up 25.6 percent, and shelter is up 6.2 percent.  While overall CPI inflation edged down in August, “core” CPI, which excludes food and energy prices, ticked up to 6.3 percent in August, from 5.9 percent in July.