Beyer on inflation news: ‘Global events are straining household budgets’

The Bureau of Labor Statistics reported Thursday that the February Consumer Price Index rose 0.8 percent on a seasonally adjusted basis, up from January’s 0.6 percent.

As broader inflation had begun to moderate, Russia’s military buildup at the Ukrainian border and the unprovoked invasion drove up food and energy prices and started to reverse recent gains.

Congressman Don Beyer (D-VA), chairman of the U.S. Congress Joint Economic Committee, released the following statement on the news of the report.

“This morning’s inflation data continue to show how global events are straining household budgets and how American families continue to bear the burden of higher prices.

“Thanks to investments put into place by President Biden and Democrats in Congress, our economy is recovering faster than predicted. We’re experiencing record-breaking GDP growth and job creation, but Putin’s invasion of Ukraine is pushing up food and gas prices, and pandemic-induced supply chain backlogs are depriving workers of the full benefits of the strongest wage growth we’ve seen in years.

“This underscores the importance of investments to lower costs for workers and families, ensure households can make ends meet now and build overall economic resilience to unpredictable global economic shocks.

“Nearly one third of the increase in inflation in February was due to higher gas prices, exacerbated by President Putin’s unprovoked brutality against the people of Ukraine. Banning Russian oil and energy imports, as the House voted to do yesterday on a bipartisan basis, holds Russia accountable for its war and does not affect prices in this report. President Biden has released more oil from the Strategic Petroleum Reserve, and investigations into energy price gauging along with diplomatic efforts to increase production to replace Russian energy supplies have prevented gas prices from rising higher.

“Democrats are fighting for investments that insulate workers and families from energy price volatility by investing in clean energy and lower household costs for essentials like child care and health care. These commonsense investments are vital to putting us on the path to building a better America. It is long past time for Republicans to work in a bipartisan fashion to advance policies that will support our shared prosperity.”