Hagerty Statement on Another Month of Historic Inflation

May 11, 2022

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 an 8.3 percent annualized rate of inflation for April:

“President Biden is choking the supply of goods in America with more burdensome regulations while Democrats pour fuel onto the spending fire with more subsidies. Inflating demand while constraining supply only leads to one place: higher prices. As Tennesseans continue to bear the worst price increases in 40 years at the gas pump, the grocery store, and through countless other goods and services, President Biden said yesterday that he believes his policies have ‘helped, not hurt,’ yet today’s inflation numbers exceeded expectations. The Biden Administration’s formula for the economy is yielding the highest inflation most Americans have seen in their lifetimes, and he is doubling down. This President and Democrats need a reality check—stop the spending.”