Job Creators Network Reacts to October PCE Index

Alfredo Ortiz, president and CEO of Job Creators Network, released the following statement responding to the October PCE Index released today, which showed inflation increased by 3% over the last year and core inflation rose by 3.5%:

“The inflation fight is not over. The Fed’s favorite inflation indicator is still running 75% higher than the Fed’s target rate. More importantly, ordinary Americans are feeling no inflation relief. That’s because inflation is cumulative, and today’s inflation comes on top of the 20% inflation already incurred under Biden’s presidency. As a result, ordinary Americans and small businesses are experiencing a cost-of-living crisis — just as life gets more expensive over the holidays. The only way to fully solve inflation for the long term is to rein in reckless spending that devalues the dollar and unleash American energy to bring down prices.”