Crapo: Inflation Foundation Existed Prior to Russia’s Invasion of Ukraine

Washington, D.C.--U.S. Senate Finance Committee Ranking Member Mike Crapo (R-Idaho) released the following statement after the Producer Price Index (PPI) release showed inflation surged 10.0 percent year over year in February:  

“Today’s inflation data continues to demonstrate an inflation foundation that was set in place well before price pressures from Russia’s invasion of Ukraine took hold.  High and accelerating wholesale price inflation has continuously hit small businesses and consumers throughout the past year.  The Administration’s reckless spending policies and hostile regulatory agenda significantly contributed to the current highly inflationary environment.” 

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