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 that consumer prices rose again in August:
“Notwithstanding the Biden Administration downplaying inflation, it is patently obvious to every Tennessean who tries to budget their finances that prices continue to go up at a harmful pace. Today’s CPI release showed consumer prices increase three percent annualized between July and August, and producer prices increased by more than double that rate. Democrats’ polices of more spending and more government have been fueling inflation, yet they still want to pump another $3.5 trillion into the economy. While the White House will continue its spin about the price hikes by saying it’s only in the ‘poultry’ section, Americans know that’s not the case. Yesterday’s New York Fed survey showed Americans’ expectations of future inflation at a record high. Tennesseans are hurting because of this reckless spending, and it’s beyond time to end it.”