Crapo Statement on Largest Inflation Spike in Decades

Washington, D.C.--U.S. Senate Finance Committee Ranking Member Mike Crapo (R-Idaho) released the following statement after data for the personal consumption expenditures (PCE) price index, a measure of consumer prices, jumped to 5.8 percent today.

“Prices for goods and services are rising at the fastest pace in decades.  According to data released today, inflation in the personal consumption expenditures (PCE) price index was 5.8 percent on a year-over-year basis in December, well above the Federal Reserve’s 2.0 percent target.  PCE inflation has taken off under Biden, from 1.4 percent at the beginning of the last year to December’s 5.8 percent.  Runaway inflation continues to hit Americans in their pocketbooks and in store aisles.”