WASHINGTON, D.C. – U.S. Senate Republican Leader Mitch McConnell (R-KY) delivered the following remarks today on the Senate floor regarding inflation:
“Just a few minutes ago, yet again, the American people received a monthly inflation report that was even worse than the expert predictions.
“The expectation was that Democrats’ runaway inflation might finally begin to level off. The topline inflation rate was expected to fall. Instead, yet again, the opposite happened. Overall inflation was up even higher.
“Prices this past August were still 8.3% higher than they were in August 2021. Just a catastrophically high inflation rate.
“Food prices went up another 0.8% just this past month alone.
“Overall food prices just logged their biggest one-year increase since the late 1970s.
“Groceries in particular are now 13.5% more expensive than they were at this time last year. Democrats’ policies are sucker-punching American families every time they set foot in a checkout line.
“Eggs are up 40%. Butter is up 25%. Baby food is up 13%. Chicken, dairy, bread, cereal, and canned fruits and vegetables are all up around 16% each. Coffee is up even more than that.
“Housing and shelter costs were up. Medical costs were up. Furniture was up. New cars were up.
“Electricity costs were way, way up — a 15.8% increase since last year. Let me say that again. Inflation on Americans’ electric bills alone is 15.8% in just the last 12 months. That is the largest one-year increase in electricity prices since 1981 — when the statistic was looking back into the final months of Jimmy Carter.
“Even if you take out energy and food prices, two areas where the Administration likes to pass the buck and pretend they are powerless, inflation skyrocketed 0.6% in just the month of August alone.
“8.3% inflation, Mr. President. Just an astonishing number. And remember, this figure only looks back 12 months, but we are now more than 12 months into the Democrats’ inflation spiral.
“Prices are 8.3% higher today than in August 2021, but remember, in August 2021, the baseline, we were already talking about runaway inflation!
“Prices were already way up compared to the year before that.
“So the 12-month number dramatically understates the total damage that Democrats have caused.
“Here’s the comparison that matters most to American families, especially with an election in less than two months: How are things today compared to January 2021, when this all-Democrat government was sworn in?
“Here’s the answer. Food prices are up a total of 13.9% since President Biden was sworn in. Gas prices are up 58.5%. Electricity costs are up 21.6%. And the overall, across-the-board inflation rate since President Biden took office is a catastrophic 12.5%.
“This very day, President Biden and Democrats are having a big celebration for their latest reckless spending bill, which they pretended would reduce inflation, but which nonpartisan experts say will actually make it worse.
“They could not look more out of touch if they tried.”