Hagerty Statement on Another Month of Historic Inflation

July 13, 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 9.1 percent annualized rate of inflation for June:

“Despite promises by the Biden Administration that inflation would be transitory, the CPI is now at 9.1 percent—a 41-year high. Yet unbelievably, instead of working to bring relief to Americans by getting back into the domestic energy business and by pursuing pro-growth economic policies, the Biden Administration is desperately trying to resurrect their deleterious tax-and-spending spree that had already been pronounced dead. And while the White House and Democrats are sure to promise this bill will reduce inflation, the obvious truth is that their reckless spending is what catapulted us off the cliff into this abyss of inflation in the first place. For the sake of the people and the country they serve, this Administration needs to put an end to their partisan blame game and stop throwing fuel on the inflationary fire.”