Hagerty Statement on 8.5 Percent Annualized Rate of Inflation for July

August 10, 2022

NASHVILLE, TN—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 July:

“While Americans are experiencing 8.5 percent inflation—a 40-year high—the President and the White House are attempting to take a victory lap, claiming that ‘our economy had zero percent inflation in the month of July.’ The fact of the matter is Tennesseans are still paying higher prices on everyday goods than most have seen in their lifetimes, facing costs three times higher than when Biden took office 18 months ago, and their real wages are declining for the sixteenth month in a row. This Administration is celebrating while the American people suffer. Insulting is an understatement.”