WASHINGTON, D.C. — Today, Joint Economic Committee Vice Chairman David Schweikert issued the following statement after the U.S. Bureau of Labor Statistics released its November Consumer Price Index (CPI) and Real Earnings reports showing that consumer prices increased 0.3 percent month-over-month, 2.7 percent year-over-year, and 20.6 percent since January 2021.

“The reacceleration in year-over-year inflation and stagnantly high core inflation in today’s inflation report are incredibly important figures; it’s a reminder American families are still having to cut costs elsewhere in order to account for inflation,” said Vice Chairman Schweikert. “Cumulative inflation is up 20.6 percent under the Biden-Harris administration — amounting to $1,115 in increased monthly costs for the average U.S. household to maintain the same standard of living. Four years of poor economic policy have left household budget’s razor thin ahead of the holiday season.”

“Meanwhile, Americans’ paychecks have not kept pace with inflation with real average weekly earnings for all employees down 3.0 percent since January 2021. Whether it be in the checkout line or at the gas pump, Americans feel inflation effects everywhere except their paychecks. Republicans intend to reverse the curse of inflation crushing the middle class.”

Background on the August CPI report:

• According to the JEC State Inflation Tracker, the average U.S. household would need to spend $1,115 more in November, or $13,375 more per year, to maintain the same consumption basket they had in January 2021.
• Headline CPI-U inflation increased 0.3 percent m/m and 2.7 percent y/y.
• Core CPI-U inflation increased 0.3 percent m/m and 3.3 percent y/y.
• Since January 2021:
• Headline CPI-U inflation has increased 20.6 percent.
• Core CPI-U inflation has increased 19.3 percent.
• The food price index has increased 22.9 percent.
• The energy price index has increased 30.7 percent.
• Real average weekly earnings for all employees have decreased 3.0 percent.
• Real average weekly earnings for production and non-supervisory employees have decreased 1.6 percent.

Click here to view the Joint Economic Committee Republicans’ full report on November CPI data.

Click here to view the updated State Inflation Tracker to find November’s inflation estimates for each state.

###