Crapo Statement on High, Persistent Inflation

Washington, D.C.--U.S. Senate Finance Committee Ranking Member Mike Crapo (R-Idaho) released the following statement after the January Consumer Price Index (CPI) release showed inflation surged 7.5 percent year over year.

“Consumer price inflation continues to accelerate, and each month hits highs not seen in 40 years.  Americans are paying more for groceries, gas, and other household goods. Small businesses cite inflation as the biggest challenge they face.  Workers have lost purchasing power as they watch their wages being eroded and eaten up by, and wages aren’t keeping up with rising costs.  This stealth tax was exacerbated by unnecessary deficit spending last year, and more reckless spending will only continue to fuel this inflation fire.”