WASHINGTON, D.C. – Today, Senator Rick Scott released the below statement following the latest Producer Price Index (PPI) release from the Bureau of Labor Statistics (BLS), which showed inflation continued to rise. Since Joe Biden became president, PPI has risen 17.6%.
Senator Rick Scott said, “With PPI inflation now up 17.6% since Joe Biden took office, small businesses across Florida have only one choice: raise prices or go under. That means that hardworking Florida families are continuing to suffer from high prices everywhere they go: the gas pump, the grocery store and their favorite local shop. It’s destroying their budgets and savings and making the American Dream nearly impossible to reach. I recently heard from a first responder in Southwest Florida who told me, ‘… gas money to and from work is outrageous, and the cost of food has increased substantially. All of this makes it unaffordable to both live and work in Southwest Florida. I am unable to buy a home in the community that I serve…’ It’s heartbreaking to hear this from any Floridian and especially infuriating to hear it from someone who is putting their safety at risk to serve others. As we work on government funding bills for the coming fiscal year, we have an opportunity to stop Washington’s reckless spending that keeps fueling inflation. I’m hell bent on getting that done and forcing Washington to finally work for Florida families.”
According to today’s PPI release, price increases over the year in August included:
- Beef: +16.3%
- Coffee: +13.7%
- Soap & Detergent: +11.1%
- Rice: +7.9%
- Pet Food: +7.7%
- Bakery Products: +4.9%
Sen. Rick Scott on 0.6% Rise in Inflation Last Month: Bidenomics is Forcing Retirees Back into the Workforce
WASHINGTON, D.C. – Today, following the latest Consumer Price Index (CPI) release from the Bureau of Labor Statistics (BLS), Senator Rick Scott released the below statement highlighting the need to implement substantive fiscal reforms to end the ongoing inflation crisis fueled by the Biden administration’s reckless tax-and-spend agenda. August’s CPI data shows that there has been a significant rise in inflation during Biden’s presidency, with CPI increasing 0.6% last month and 3.7% over the year in August 2023. Since Biden took office, inflation is up 17.3%. If inflation continued to increase at this monthly rate, CPI would be at 7.4% annualized.
Senator Rick Scott said, “Bidenomics in action means another month of rising inflation that continues to hurt Floridians. As I travel the state to talk to Floridians, inflation is the number one thing that comes up. I recently heard from an 82-year-old Floridian struggling in retirement because of Biden’s skyrocketing inflation crisis. As someone on a fixed income, who saved their whole life for retirement, she can barely make ends meet while already on a frugal budget. She wrote, ‘We elderly do not expect to live high on the hog. We are from the generation that learned to be frugal, but we can’t even afford do that now.’ It’s real people like this Floridian who are struggling that I wish the president would listen to and care about. As Congress considers yet another spending package, I’ll be fighting like hell to force Washington back to fiscal sanity. Since 2019, our population has grown just 1.8% but the budget is up 55%. That’s unsustainable, fueling inflation and must end NOW.”
According to today’s CPI release, price increases over the year include:
- Transportation Services: 10.3%
- Rent: 7.8%
- Baked goods: 6.8%
- Beef: 6.3%
- Apples: 8.5%
- Candy: 9.4%
- Baby food and formula: 8.4%
Since being elected to the U.S. Senate, Senator Scott has repeatedly urged action to address America’s debt crisis and the harmful effects of inflation. Click HERE for a comprehensive list of his statements and actions on this urgent issue.