WASHINGTON, DC – Today, Congressman Bryan Steil, Ranking Member on the Select Committee on the Economy, issued the following statement after the Bureau of Labor Statistics released the February Consumer Price Index (CPI) Report, which is a measure of inflation.
“Americans’ paychecks are being crushed by rising costs. Families, seniors, and workers continue being clobbered by the Democrats’ economic policies over the past year, whether it is at the grocery store or at the gas pump. Today’s 7.9% increase in inflation makes clear we need to stop runaway spending in Washington and work to get back to normal.”
According to the Bureau of Labor Statistics (BLS), the CPI rose to an annualized rate of 7.9% in February 2022. This is up from January 2022, which saw a 7.5% CPI, outpacing growth in average hourly earnings. According to the release, food cost 7.9% more and energy prices increased 25.6% in the last year.