Hagerty Statement on 8.3 Percent Annualized Rate of Inflation for August

September 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 8.3 percent annualized rate of inflation for August:

“Yet another month of blistering inflation. While the Biden Administration tries to distract and deflect, the American people know the pain of inflation is anything but alleviated after enduring yet another month of feeling the brutal pinch of inflation, seeing their savings depleted, and having their wages eroded by this unprecedented bout of inflation. In the 19 months since President Biden came into office, inflation has now risen by 13.2 percent, and our economy has officially entered a recession. Try as they might, no baseless victory lap or out-of-touch press release from the Biden Administration will change the stark reality that financial hardships are greater and wallets are emptier since Joe Biden stepped into office.”