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 April Consumer Price Index (CPI) report showing that inflation increased 0.3% month-over-month and 3.4% year-over-year. Cumulative CPI inflation (not seasonally adjusted) is now up 19.9% since President Biden took office.  

 “Inflation continues to weigh heavily on American families 40 months into President Biden’s term,” said Vice Chairman Schweikert. “Prices have soared under the Biden administration and are continuing to rise — a sign that significantly higher prices are here to stay. Life is less affordable under President Biden, and hardworking Americans are being forced to drain their pocketbooks just to keep up. Unfortunately, the policies proposed in the President’s budget would only exacerbate inflation and saddle future generations with trillions more in debt. We must stop adding fuel to the fire and return to the pro-growth policies that brought prosperity to so many American families.”

 Background on the April CPI report:

• According to the JEC State Inflation Tracker, the average U.S. household was forced to spend $1,074 more in April to maintain the same consumption basket they had in January 2021.
• Headline CPI-U inflation increased 0.31% m/m and 3.4% y/y.
• Core CPI-U inflation increased 0.29% m/m and 3.6% y/y.
• Real average weekly earnings for all employees decreased by 0.4% m/m.
• Since January 2021:
  • Headline CPI-U inflation has increased 19.9%.
  • Core CPI-U inflation has increased 17.9%.
  • The food price index has increased 21.3%.
  • The energy price index has increased 41.6%.
  • Real average weekly earnings for all employees have decreased 4.4%.

Ranked cumulative metro inflation rates since January 2021:

 

 Ranked cumulative inflation indexes since January 2021:

 

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

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