Fleischmann Statement on Inflation and Consumer Prices Hitting a 30-Year High
Chattanooga, TN – U.S. Representative Chuck Fleischmann (TN-03) released the following statement on consumer prices hitting a 30-year high in October.
“Every month, it is getting more expensive for Tennesseans to make every day ends meet. For the fifth straight month, inflation has topped over five percent, and compared to just one year ago, consumer prices are up over 6.2 percent – the highest since December 1990. Instead of raising taxes and spending trillions of dollars we don’t have, the Biden Administration and Congress need to work together on commonsense fiscal policies to stop inflation, raise wages, and restore America’s economy,” said Congressman Fleischmann.
According to the Bureau of Labor Statistics:
- Real average hourly earnings for all employees decreased 0.5 percent from September to October 2021.
- Fuel oil is up 12.3 percent in October, and up 59.1 percent over last year.
- Utilities are up 28 percent compared to one year ago.
- The cost of pork is up 14.1 percent for the year, the largest annual increase since December 1990.
- The cost of gas is up 6.1 percent in the past month and 49.6 percent for the year, the highest level since September 2014.