Joe Biden’s Inflation Expansion Act Causes Inflation to Surge

The Consumer Price Index (CPI), a key inflation index, came in “hotter” than expected at 8.2% for the 12 months ending September.

MAKE NO MISTAKE: Joe Biden and House Democrats’ Inflation Expansion Act has “stoked” America’s out-of-control inflation crisis, and they have NO plan to address it. Americans can’t afford Democrats’ policies, but we are certainly all paying for them. That is why House Republicans have created our Commitment To America to build an economy that’s strong for every American when we earn back the House. 

BIDEN’S ECONOMIC CRISIS BY THE NUMBERS: 

• Inflation is a tax on all Americans.
• In September, the CPI came in “hotter” than expected at 8.2% for the 12 months ending September.
• Americans are paying more for just about everything because of inflation: 
  • Airline fares are UP 42.9%
  • Eggs are UP 30.5%
  • Flour is UP 24.2%
  • Soups are UP 20.5% 
  • Energy is UP 19.8%
  • Canned fruits and vegetables are UP 19.0%
  • Peanut butter is UP 18.1%
  • Potatoes are UP 17.5%
  • Chicken is UP 17.2%
  • Milk is UP 15.2%
  • Cereal is UP 16.6%
  • Bread is UP 14.7%
  • Food at home is UP 13.0%
• Owners’ equivalent rent index also increased 0.8% over the month, the largest monthly increase in that index since June 1990.
• Health insurance had the largest increase ever which increased by over 28% over the last year.
• Inflation has outpaced workers’ wages for 18 months in a row under Joe Biden’s watch. 
• Real average hourly earnings decreased 3.0%, seasonally adjusted, from September 2021 to September 2022. 
  • The change in real average hourly earnings combined with a decrease of 0.9% in the average workweek resulted in a 3.8% decrease in real average weekly earnings over this period.
• The skyrocketing cost of goods and services will cost the average American household over $700 a month, which adds up to over $8,000 a year. 
• This hotter-than-expected inflation report comes as America is in the middle of a recession. 
  • The GDP decreased at an annual rate of 0.6% in the second quarter of 2022, according to the final estimate released by the Bureau of Economic Analysis. 
    • This follows a GDP decline of 1.6% within the first quarter, meaning that we have hit the rule-of-thumb recession definition: two consecutive quarters with negative GDP readings.
    • The majority of Americans say we are in fact in a recession, according to a recent survey.