Consumer Price Index Remains Three Times Above Federal Reserve’s Target Rate

Alfredo Ortiz, president and CEO of Job Creators Network, released the following statement on the February Consumer Price Index released today: 

“Due to reckless spending by Congressional Democrats and the Biden administration, inflation remains three times above the Federal Reserve’s target rate and well above average wage growth. Core inflation actually rose on a monthly basis, demonstrating that runaway prices harming Americans show no sign of slowing down. The ongoing banking crisis will likely cause the Fed to pull back on its planned interest rate increases, entrenching Bidenflation for the even longer term. With the Fed largely sidelined, it’s up to Congress and Biden administration to address inflation through pro-growth policy. Unfortunately, Biden’s recent budget would only add fuel to the inflationary fire by raising taxes on small businesses and expanding the deficit.”