Hagerty Statement on Another Month of Historic Inflation

April 12, 2022

TOKYO, JAPAN—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 an 8.5 percent annualized rate of inflation for March:

“As I spend this week meeting with Japan business and government leaders to deepen our two nations’ economic and security ties, I do so knowing that American families are suffering from the effects of historic inflation. While President Biden will surely say this pain is the fault of Vladimir Putin and that inflation is a global problem, this is spin from a White House that refuses to take responsibility. The facts are real: Inflation continued to accelerate in March, as Putin’s invasion poured gasoline on the inflationary fire that the Democrats’ irresponsible economic policies—ranging from their massive wholly partisan stimulus spending to their war on American energy—ignited more than a year ago, creating this tidal wave of inflation now running at a multi-decade high. Until President Biden recognizes he has a policy problem, I remain deeply concerned that the problem of inflation will be here to stay.”