August PCE Increased 6.2% From Last Year, Job Creators Network Reacts
Washington, DC (September 30, 2022) — Today, the Bureau of Labor Statistics released data on the personal consumption expenditures (PCE) price index for August, showing an overall 6.2% increase over August last year. Excluding food and energy indexes, the year over year increase was 4.9%.
“Inflation continues to rage out of control, as the Biden administration refuses to help the Federal Reserve in its inflation fight. The PCE significantly increased last month, indicating that inflation shows no sign of slowing down. Core PCE, the Fed’s favorite inflation indicator, increased over the last year and rose faster than analyst expectations. Ongoing historic inflation indicates a different direction is urgently needed in Washington to help the Federal Reserve achieve its mandate.
“The American Small Business Prosperity Plan, which JCN released earlier this month with Newt Gingrich, offers a blueprint for policymakers to follow to help get prices back under control for consumers and small businesses. It calls for the end of reckless federal spending that’s fueling this inflationary fire as well as a dramatic increase in domestic energy production to bring down outrageous energy prices that push up costs on all goods and services. All Members of Congress, no matter what their political party, should support this pro-small business effort to tame the inflation beast.”
Learn more at SmallBusinessProsperityPlan