May 12,2022

Crapo Statement on Double-Digit Producer Price Index

“More hits when Americans can least afford it”

Washington, D.C--U.S. Senate Finance Committee Ranking Member Mike Crapo (R-Idaho) issued the following statement after the Producer Price Index (PPI) showed numbers remaining at a troubling double-digit rate of 11.0 percent, well above the 1.8 percent average during the four years prior to Biden taking office.  

“Today’s producer price data means more hits from the Biden Administration’s runaway inflation to manufacturers, small businesses and consumers when they can least afford it.  Inflation facing producers and consumers continues at historically elevated rates, harming businesses, eroding workers’ paychecks, and hammering Americans’ pocketbooks at the pump and in the grocery aisles.”