Record-High Inflation Greatest Threat to Economic Recovery

Washington, D.C.--U.S. Senate Finance Committee Ranking Member Mike Crapo (R-Idaho) released the following statement after the December Producer Price Index (PPI) release showed record-high producer prices:

“On the heels of December’s 7 percent rise in consumer prices, today’s record-high producer price inflation reading of 9.7 percent shows even more inflation in the pipeline for consumers and businesses with no relief in sight.  High and persistent inflation is the greatest threat to our economic recovery and household budgets.  Now is clearly not the time for yet more federal deficit spending or tax hikes.”