Press ReleaseAugust 31, 2023

Rising Personal Consumption Expenditures Index Shows Inflation Fight Is Far From Over

Alfredo Ortiz, president and CEO of Job Creators Network, released the following statement on today’s Personal Consumption Expenditures Index, which rose by 3.3% in July, and Core PCE, which rose by 4.2%.

“Inflation is accelerating again, revealing the fight against Bidenflation is far from over. Rising inflation is reducing American living standards and making it more difficult for ordinary small businesses to remain profitable. The PCE, which is the Federal Reserve’s favorite inflation indicator, remains more than 50% higher than the Fed’s target rate. Stubbornly accelerating inflation makes it more likely that the Fed will raise interest rates again, exacerbating the credit crisis facing small businesses. Due to Bidenflation, small businesses and ordinary Americans face a one-two punch of runaway prices and far higher borrowing costs. Congress can finally get inflation under control by passing Job Creators Network’s American Small Business Prosperity Plan, which would rein in reckless spending and unleash American energy to slay Bidenflation and boost the economy.”