WASHINGTON—United States Senator Bill Hagerty (R-TN), a member of the Senate Banking Committee, today released the following statement in response to the latest Consumer Price Index (CPI) release from the Bureau of Labor Statistics (BLS), showing that there has been a higher than expected increase in inflation in June as prices rose 5.4 percent:
“As I warned last month, President Joe Biden’s trillion-dollar spending sprees and anti-competitive, anti-worker policies are raising prices on groceries, gas, and everything in between. Consumer prices surged even higher than expected, again, in June, with core CPI rising at the fastest rate since 1991. And prices rose 12 percent on an annual basis versus where they were just in May this year. This is a massive tax on hardworking, middle class Americans as they are forced to spend much more of their incomes on everyday items. Yet Biden and the Democrats still want to spend trillions of dollars more, even under these economic conditions—it’s Jimmy Carter 2.0. It has to end.”