Today, U.S. Rep. Mike Kelly (R-PA) issued the following statement on the Wednesday’s report from the U.S. Labor Department, which shows the Consumer Price Index increased by 7% compared to one year ago. This marks inflation’s fastest 12-month pace in nearly 40 years.
“Soaring inflation is a tax on all Americans and hits our lower- and middle-income earners the hardest,” Kelly said. “From the grocery store to the gas pump, the Biden administration’s economic policies are wiping out families’ savings and real wage growth.”
BACKGROUND
The Consumer Price Index (CPI) is a measure of the average change over time in the prices paid by urban consumers for a market basket of consumer goods and services. The latest report shows the CPI increased by 7% from Dec. 2020 to Dec. 2021, the highest one-year jump since June 1982. Among the largest increases:
- Gasoline is up 49.6%
- Used cars are up 37.3%
- Gas utilities are up 24.1%
- Meat/Fish/Eggs are up 12.5%
- Food for the home up 6.5%
- Electricity is up 6.3%
- Food (dining out) is up 6%
- Transportation is up 4.2%
- Shelter is up 4.1%
