Crapo: Sustained High Inflation Out of Control

Washington, D.C.-- U.S. Senator for Idaho Mike Crapo, Ranking Member of the Senate Finance Committee, issued the following statement after the Producer Price Index (PPI), or wholesale price inflation, showed persistent double-digit rates at 10.8 percent.

“Sustained high inflation is out of control.  Wholesale prices have been rising at double digit rates for six consecutive months, hammering manufacturers, small businesses and consumers.  As Americans continue to face sticker shock at the gas station and grocery stores, tax hikes, which are eventually passed on to consumers, are not the answer.”

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