Crapo Statement on Historic Increase in Wholesale Price Inflation
Jump in producer price index means higher consumer prices down the road
Washington, D.C--U.S. Senate Finance Committee Ranking Member Mike Crapo (R-Idaho) issued the following statement after the Producer Price Index (PPI) release showed inflation for March jumping to 11.2 percent--a record high on a year-over-year basis.
“Today’s record surge in wholesale prices will hit manufacturers, small businesses and consumers when they can least afford it. U.S. inflation has outpaced inflation in other developed countries, in no small part due to the outsized, unnecessary spending in the American Rescue Plan. It is reckless to pursue additional inflationary spending.”
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