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Rep. Kelly statement on higher-than-expected August inflation numbers

September 13, 2022

WASHINGTON, D.C. -- Following today's report showing August's year-to-year inflation rate of 8.3% was higher-than-expected, U.S. Rep. Mike Kelly (R-PA) issued the following statement.

"The number one issue I hear from my constituents continues to be inflation and the soaring cost of everyday life. This latest report reflects their concerns," Kelly said. "Inflation has skyrocketed over 13% since President Biden took office nearly two years ago. Make no mistake: the Biden administration's reckless spending and economic policies are costing Americans thousands of dollars more this year. I remain incredibly concerned about the way their policies are hurting our nation's financial well-being."

 

BACKGROUND

  • According to the nonpartisan Congressional Research Service, the cumulative inflation rate remains up 13.2% from Jan. 2021 to Aug. 2022.
  • The Consumer Price Index increased 0.1% in August. Excluding food and energy, the inflation gauge rose 0.6%, both higher than expected.
  • Costs were driven by increases in food, shelter and medical care services.
  • Real average hourly earnings adjusted for inflation rose 0.2% for the month. However, they remained down 2.8% from a year ago.
  • The national average price of gasoline remains up $1.31 per gallon since President Biden took office in Jan. 2021.
  • According to a NerdWallet report last month, "Household expenditures could rise by $11,500" in 2022 compared to 2020, the last year inflation was relatively stable.