Crapo Statement on Inflation Reaching Nearly 40-Year High

Washington, D.C.--U.S. Senate Finance Committee Ranking Member Mike Crapo (R-Idaho) released the following statement after the December Consumer Price Index (CPI) release showed inflation surged 7 percent year over year, the fastest rate since 1982.

“Consumer price inflation accelerated to 7 percent in December, the highest rate in nearly 40 years.  The high and accelerating inflation experienced under the Biden Administration, partly as a predicted result of reckless spending legislation passed by Democrats last year, represents a stealth tax that continues to threaten Americans’ pocketbooks through higher costs at the pump and in grocery aisles.”