October 12,2022

Crapo: High Wholesale Price Inflation Means More Pain for Consumers

Washington, D.C.--After the Bureau of Labor Statistics released its September Producer Price Index (PPI) showing that wholesale prices rose by 8.5 percent from the previous year, higher than expected and remaining well above the long-run average of 2.6 percent, U.S. Senate Finance Committee Ranking Member Mike Crapo (R-Idaho) issued the following statement:  

“American families and businesses continue to be hammered by the runaway inflation generated from reckless spending policies of the Biden Administration.  Producer price inflation at 8.5 percent signals yet more inflationary pressures remain in the economic pipelines, which will hit consumers down the road.  Inflationary policies have forced the Federal Reserve to dampen overall demand in the economy through higher interest rates, which means more debt service costs for the federal government, and higher rates on mortgages and credit balances for American families already struggling with higher food and energy costs.  The current administration took an economy on an impressive rebound from lockdowns, injected trillions of dollars in reckless spending, and American families and future generations will pay the price of economic mismanagement.”