Washington, DC (December 1, 2022) – Today, the U.S. Commerce Department announced that the Personal Consumption Expenditures (PCE) price index rose 6.0 percent in October compared to a year earlier. The October index is down from the 6.3 percent annual increase in September. PCE is the Federal Reserve’s preferred inflation gauge. “We are seeing initial signs that we are making progress in tackling inflation,” President Biden said in a statement after the report.
“President Biden is completely out of touch if he thinks today’s PCE report shows that ‘we are making progress in tacking inflation.’ Six percent inflation is still three times higher than the Federal Reserve’s two percent target. Other key gauges, such as the Consumer Price Index, show inflation closer to eight percent. Biden’s record spending spree is directly responsible for the worst inflation in four decades and the corresponding drop in real wages. When Republicans take over the House in January, we will finally have a check on Biden’s inflationary, anti-growth policies. Republicans can revitalize our economy by enacting JCN’s American Small Business Prosperity Plan’ and JCN is working with congressional leaders to make that happen.”
To learn more about JCN’s Prosperity Plan, click here.