WASHINGTON, D.C. – Today, following the latest Producer Price Index (PPI) release from the Bureau of Labor Statistics (BLS), Senator Rick Scott released the below statement demanding President Joe Biden address the inflation crisis created under his administration. July’s PPI data shows that there has been a notable and sustained increase in inflation every month of Biden’s presidency.
Year over year, producer prices increased 7.8% in July – a rise from the 7.3% increase reported for the 12-month period ending in June 2021 and the largest 12-month increase since 12-month data were first calculated in 2010. Annualized, the monthly PPI growth rate reached 13.1% in July.
Senator Rick Scott said, “Inflation has gone up every month of Biden’s presidency thanks to insane government spending. Families in Florida and across the nation are struggling to make ends meet as the prices of everyday goods go up. But instead of addressing Biden’s inflation crisis, Democrats in Washington have decided the answer is MORE reckless spending. Yesterday, Senate Democrats unilaterally pushed through a $5.5 trillion tax-and-spending spree that will drive the federal debt to more than $45 TRILLION by 2031. It’s time Biden admits that his party’s liberal wish list is destroying our nation, and it’s time he does something about it.”