Inflation “the highest in 30 years”
New numbers on inflation out today paint a grim picture for working families. According to the Fed’s favorite measure of inflation, prices in July rose “at the highest level in about 30 years.”
Prices were up 4.2% year-over-year, “the highest reading since January 1991,” but incomes only rose 1.1%, wiping out raises and leaving families less able to make ends meet than before.
“Inflation is eating away at families’ paychecks faster than at any point in 30 years, and Democrats’ answer is to print another $3.5 trillion to make it all worse,” said CLF Communications Director Calvin Moore. “Democrats are doubling down on the same disastrous policies that have families feeling the sting everywhere from the gas pump to the grocery store.”