Crapo: Inflation Continues to Throttle Taxpayers

Press Release

U.S. Senate Finance Committee Ranking Member Mike Crapo (R-Idaho) issued the statement below following the release of the consumer price index (CPI) for October, which shows inflation in consumer prices, relative to a year earlier, was 7.7 percent, the eleventh consecutive month with inflation at or above 7.0 percent.

"Inflation remains stubbornly high, and taxpayers are getting throttled by high grocery prices, high energy prices, and now high interest rates that will make it more difficult to obtain credit or buy a home. Data from the Joint Economic Committee show Idahoans are paying nearly $800 more per month to keep up with inflation, all because of the Administration's reckless mismanagement of the economy. I remain committed to pro-growth policies that will unleash American energy, cut burdensome regulations and rein in reckless, debt-heavy spending."

While the all-items CPI was 7.7 percent for October, inflation in "core" CPI, which strips out food and energy prices, was 6.3 percent. Inflation remains far too high and continues to be broad based, hitting consumers on spending items across the board.ntinues to be broad based, hitting consumers on spending items across the board.

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