Press ReleaseJuly 12, 2023

Consumer Price Index Remains Well Above Federal Reserve’s Target Rate, with Core Inflation Outpacing Average Wage Growth

Alfredo Ortiz, president and CEO of Job Creators Network, released the following statement in response to the Consumer Price Index released today, which showed inflation rose by 3% over the last year, and core inflation rose by 4.8%:

“The price of goods and services has risen by more than 16% over the course of President Biden’s term. This destruction in the dollar’s value has reduced Americans’ real wages and living standards. For some goods and services, such as food, prices are up more than 20%. While inflation is finally coming back down, it remains far higher than the Federal Reserve’s target rate, and it’s important to remember today’s price increases are compounding off a much higher base. Core inflation over the last year continues to outpace average wage growth, meaning Americans are still experiencing real wage destruction related to core goods and services. This high and sticky inflation is a direct result of Bidenomics, which emphasizes reckless government spending over free markets.”