Research | The Leader Board | THE NEWSROOM | Republican LeaderSkip to primary navigation Skip to content×Close THE NEWSROOMRemarks Press Releases The Leader Board Op-Eds Videos SENATE RESOURCESRepublican Senators Committees Congressional Record Congress.gov Senate Floor Webcast ABOUT LEADER McCONNELL×Close THE NEWSROOMRemarks Press Releases The Leader Board Op-Eds Videos SENATE RESOURCESRepublican Senators Committees Congressional Record Congress.gov Senate Floor Webcast ABOUT LEADER McCONNELLxxsearchxMENUFacebookTwitterInstagramFacebookTwitterInstagramVisit Senator McConnell's site here THE NEWSROOMRemarks Press Releases The Leader Board Op-Eds Videos SENATE RESOURCESRepublican Senators Committees Congressional Record Congress.gov Senate Floor Webcast ABOUT LEADER McCONNELLxxsearchxMENUHomeTHE NEWSROOMThe Leader Board04.10.24Rising Inflation Demonstrates How ‘Bidenomics’ Continues To Cost AmericansOnce Again, Inflation Rose More Than Expectations, Costing Americans More For Everything From Food, To Shelter, And Energy, All While The Biden Administration Continues To Assert ‘We Can Feel Great About Our Economy’ .@SecYellen on Monday said, “I think we can feel great about our economy.” But today’s inflation report tells a much different story. When will the Biden Administration admit that Bidenomics is a disaster? pic.twitter.com/tbzT2ObSyS— Senate Republican Communications Center (@SRCC) April 10, 2024 THE WALL STREET JOURNAL EDITORIAL BOARD: “So much for the triumph over inflation. The consumer-price index came in hot for the third straight month in March, confirming what most Americans understand … The CPI rose 0.4% in March for the second month in a row after a 0.3% increase in January. Three months is more than a blip in the data, and the price index for the last 12 months has now climbed back to 3.5%. Shelter and gasoline contributed more than half of the increase in March … [R]ent increases and gas prices are costs that consumers feel acutely…. Core inflation for the last 12 months was 3.8% and has remained stubbornly persistent for several months. This is still well above the Federal Reserve’s 2% inflation target.” (Editorial, “The Inflation Thief Rises Again,” The Wall Street Journal, 4/10/2024)· “The White House has persuaded some in the media to buy its line that the only problem in the economy is consumer psychology…. But if voters are downbeat about the economy, persistent inflation is a good reason. Price increases across the Biden Presidency are unlike anything Americans have seen in recent decades. They have been a particular shock for low-income and younger workers who haven’t accumulated a wealth cushion in the stock market or housing values. Mr. Biden is the main architect of his inflation problem—and ours.” (Editorial, “The Inflation Thief Rises Again,” The Wall Street Journal, 4/10/2024) Inflation Rose Again In March, The ‘Third Straight Month Of Above-Expectations Inflation Data’“Fresh data from the Bureau of Labor Statistics on Wednesday showed prices rose 3.5 percent from March 2023 to March 2024.” (“Inflation Remains Hotter Than Expected, Muddying Path For Fed Rate Cuts,” The Washington Post, 4/10/2024)· “The consumer price index accelerated at a faster-than-expected pace in March…” (“Consumer Prices Rose 3.5% From A Year Ago In March, More Than Expected,” CNBC, 4/10/2024)· “[A] third straight month of above-expectations inflation data…” (“Hot Inflation Report Weakens Case for Fed’s June Rate Cut,” The Wall Street Journal, 4/10/2024)“The CPI, a broad measure of goods and services costs across the economy, rose 0.4% for the month, putting the 12-month inflation rate at 3.5%, or 0.3 percentage point higher than in February, the Labor Department’s Bureau of Labor Statistics reported Wednesday.” (“Consumer Prices Rose 3.5% From A Year Ago In March, More Than Expected,” CNBC, 4/10/2024)· “It matched the increases of the previous two months, which had also topped forecasts.” (“Hot Inflation Report Weakens Case for Fed’s June Rate Cut,” The Wall Street Journal, 4/10/2024)“That won’t offer much comfort to officials who are especially focused on parts of the economy where inflation can become stickiest.” (“Inflation Remains Hotter Than Expected, Muddying Path For Fed Rate Cuts,” The Washington Post, 4/10/2024)“Similarly, officials like to compare data month to month — instead of year to year — since the economy can change so quickly. There, too, the Fed saw muted progress, with prices rising at the same rate in March as they did in February.” (“Inflation Remains Hotter Than Expected, Muddying Path For Fed Rate Cuts,” The Washington Post, 4/10/2024)‘Core CPI Also Accelerated’“Excluding volatile food and energy components, core CPI also accelerated 0.4% on a monthly basis while rising 3.8% from a year ago, compared with respective estimates for 0.3% and 3.7%.” (“Consumer Prices Rose 3.5% From A Year Ago In March, More Than Expected,” CNBC, 4/10/2024)“In a development that is likely to be especially notable for Fed officials, a measure of services inflation contributed to the pickup in annual inflation. Policymakers watch those prices closely, because they can reflect the strength of the underlying economy and because they tend to persist over time.” (“Inflation Was Quicker Than Expected In March, Unwelcome News For The Fed.,” The New York Times, 4/10/2024)‘Shelter And Energy Costs Drove The Increase’ While ‘There Were Some Big Gains Within The Food Category’ Too“The main drivers of inflation — housing and energy costs — told a familiar story, and together made up more than half of the month-to-month increase for all of the items that go into the consumer price index.” (“Inflation Remains Hotter Than Expected, Muddying Path For Fed Rate Cuts,” The Washington Post, 4/10/2024)· “Shelter and energy costs drove the increase on the all-items index. Energy rose 1.1% after climbing 2.3% in February, while shelter costs, which make up about one-third of the weighting in the CPI, were higher by 0.4% on the month and up 5.7% from a year ago.” (“Consumer Prices Rose 3.5% From A Year Ago In March, More Than Expected,” CNBC, 4/10/2024)“Energy prices rose 1.1 percent month over month and 2.1 percent year over year.” (“Energy Prices Rose In March,” The New York Times, 4/10/2024)“The price of gasoline rose 1.7 percent in March and 1.3 percent over the past year. Gas prices rose at a sharper rate in February, at 3.8 percent … [H]igher gas costs are felt acutely by consumers and can eventually bleed into other types of inflation — pushing up transportation costs like airline fares, for instance.” (“Energy Prices Rose In March,” The New York Times, 4/10/2024)“There were some big gains within the food category … The measure for meat, fish, poultry and eggs climbed 0.9%, pushed by a 4.6% jump in egg prices…. Food away from home increased 0.3%.” (“Consumer Prices Rose 3.5% From A Year Ago In March, More Than Expected,” CNBC, 4/10/2024)THE WASHINGTON POST’S HEATHER LONG: “It’s hard to overstate what a crisis the surge in car insurance and car repair is. Over 90% of US households own a car. Vehicle insurance is up +22.2% in the past year -->The largest jump since 1976. Vehicle repair is up +11.6%.” (The Washington Post’s Heather Long, @byHeatherLong, Twitter, 4/10/2024)· LONG: “Home health care for the elderly soared +14.2% in the past year --> The largest increase EVER” (The Washington Post’s Heather Long, @byHeatherLong, Twitter, 4/10/2024)‘Increasing Inflation Was Also Bad News For Workers’“Increasing inflation was also bad news for workers, as real average hourly earnings were flat on the month and increased just 0.6% over the past year, according to a separate BLS release.” (“Consumer Prices Rose 3.5% From A Year Ago In March, More Than Expected,” CNBC, 4/10/2024) The ‘Threat Of Lingering Inflation Has Become A More Serious Concern’“That threat of lingering inflation has become a more serious concern for policymakers since the start of the year.” (“Inflation Was Quicker Than Expected In March, Unwelcome News For The Fed.,” The New York Times, 4/10/2024)“The inflation report’s details offered little reason to dismiss the gauge’s continued stubbornness as a fluke.” (“Inflation Was Quicker Than Expected In March, Unwelcome News For The Fed.,” The New York Times, 4/10/2024)“[W]orrying news for Federal Reserve officials who have become increasingly concerned that their progress on lowering prices increases might be stalling.” (“Inflation Was Quicker Than Expected In March, Unwelcome News For The Fed.,” The New York Times, 4/10/2024) · “Wednesday’s report could add to concerns that inflation will run closer to 3% than to the Fed’s 2% goal, a level that Fed officials may regard as unacceptably high to justify rate cuts.” (“Hot Inflation Report Weakens Case for Fed’s June Rate Cut,” The Wall Street Journal, 4/10/2024)JASON FURMAN, Former Obama White House Council of Economic Advisors Chairman: “Over the last three months core CPI has risen at a 4.6% annual rate. That is faster than any three month period from August 1991 to 2020. Over the last twelve months core CPI has risen 3.5%. That is faster than any twelve month period from February 1993 to 2020.” (Jason Furman, @jasonfurman, Twitter, 4/10/2024) Economists: ‘You Can Kiss A June Interest Rate Cut Goodbye’“‘You can kiss a June interest rate cut goodbye,’ Greg McBride, chief financial analyst at Bankrate, wrote in an analyst note. ‘Inflation came in higher than expected, the lack of progress toward 2 percent is now a trend.’” (“Inflation Remains Hotter Than Expected, Muddying Path For Fed Rate Cuts,” The Washington Post, 4/10/2024)“‘There’s not much you can point to that this is going to result in a shift away from the hawkish bent’ from Fed officials, said Liz Ann Sonders, chief investment strategist at Charles Schwab. ‘June to me is definitely off the table.’” (“Consumer Prices Rose 3.5% From A Year Ago In March, More Than Expected,” CNBC, 4/10/2024)“‘It is what it is: It’s a stronger than expected number, and it’s showing that those price pressures are strong across goods and services,’ said Blerina Uruci, chief U.S. economist at T. Rowe Price. ‘It’s problematic for the Fed. I don’t see how they can justify a June cut with this strong data.’” (“Inflation Was Quicker Than Expected In March, Unwelcome News For The Fed.,” The New York Times, 4/10/2024)“Kathy Bostjancic, Nationwide’s chief economist, thinks that rate cuts could now be delayed to this autumn — if they happen in 2024 at all. ‘The lack of moderation in inflation will undermine Fed officials’ confidence that inflation is on a sustainable course back to 2 percent, and likely delays rate cuts to September at the earliest and could push off rate reductions to next year,’ Ms. Bostjancic wrote in a note following the report.” (“Inflation Was Quicker Than Expected In March, Unwelcome News For The Fed.,” The New York Times, 4/10/2024)“‘This marks the third consecutive strong reading and means that the stalled disinflationary narrative can no longer be called a blip,’ said Seema Shah, chief global strategist at Principal Asset Management. ‘In fact, even if inflation were to cool next month to a more comfortable reading, there is likely sufficient caution within the Fed now to mean that a July cut may also be a stretch, by which point the US election will begin to intrude with Fed decision making.’” (“Consumer Prices Rose 3.5% From A Year Ago In March, More Than Expected,” CNBC, 4/10/2024)“Fed Gov. Michelle Bowman said last week she’s even willing to consider raising rates ‘should progress on inflation stall or even reverse.’” (“With Inflation Stalling, The Long-Predicted Storm Clouds In The Economy May Actually Be Forming,” CNN, 4/10/2024) The Cumulative Effect Of Inflation Since President Biden Took Office Has Americans Paying Significantly Higher Prices For Food, Energy, Transportation, Housing, And MoreSince President Biden took office, inflation has increased 19.4%. (Bureau of Labor Statistics, Accessed 4/10/2024)· Grocery (food at home) prices have increased 21.2%. (Bureau of Labor Statistics, Accessed 4/10/2024)· Food away from home prices have increased 21.4%. (Bureau of Labor Statistics, Accessed 4/10/2024)· Energy prices have increased 38.8%. (Bureau of Labor Statistics, Accessed 4/10/2024)· Prices for fuel oil have increased 59.4%. (Bureau of Labor Statistics, Accessed 4/10/2024)· Gasoline (all types) prices have increased 47.8%. (Bureau of Labor Statistics, Accessed 4/10/2024)· Natural gas prices have increased 26.9%. (Bureau of Labor Statistics, Accessed 4/102024)· Electricity prices have increased 29.3%. (Bureau of Labor Statistics, Accessed 4/10/2024)· Rental prices for a primary residence have increased 20.4%. (Bureau of Labor Statistics, Accessed 4/10/2024)· Prices for used cars and trucks have increased 20.9%. (Bureau of Labor Statistics, Accessed 4/10/2024)· Prices for new vehicles have increased 19.3%. (Bureau of Labor Statistics, Accessed 4/10/2024)· Furniture prices have increased 15.6%. (Bureau of Labor Statistics, Accessed 4/10/2024)· Apparel prices have increased 13.5%. (Bureau of Labor Statistics, Accessed 4/10/2024)· Airline fares have increased 32.7%. (Bureau of Labor Statistics, Accessed 4/10/2024) ‘A Hot Inflation Report Is A Blow To President Biden’THE NEW YORK TIMES: ‘A hot inflation report is a blow to President Biden’ (The New York Times, 4/10/2024)· “The unexpected re-acceleration in price growth across the economy is at least a temporary setback for President Biden, who has been banking on cooling inflation to lift his re-election prospects.” (“A Hot Inflation Report Is A Blow To President Biden,” The New York Times, 4/10/2024)“Mr. Biden and his aides have publicly cheered the retreat of annual inflation rates over the last year, after watching the fastest price growth in 40 years dent the president’s approval ratings earlier in his tenure.” (“A Hot Inflation Report Is A Blow To President Biden,” The New York Times, 4/10/2024)Of Course, Persistent Inflation Hasn’t Stopped The Biden Administration From Blowing Economic Smoke: ‘We Can Feel Great About Our Economy’PRESIDENT JOE BIDEN: “Leading economists aren’t making much fun of ‘Bidenomics’ anymore … They’re thinking maybe it works!” (“Biden, Democrats (Mostly) Ditch ‘Bidenomics,’” Axios, 3/27/2024)TREASURY SECRETARY JANET YELLEN: “I think we can feel great about our economy.” (CNBC’s “Worldview Exchange,” 4/08/2024) ‘Americans Remain Frustrated By The Cost Of Living’“Surveys suggest that Americans remain frustrated by the cost of living.” (“Hot Inflation Report Weakens Case for Fed’s June Rate Cut,” The Wall Street Journal, 4/10/2024)· “A recent Wall Street Journal poll of voters in seven of the most competitive states in the 2024 election found that 74% thought that inflation had moved in the wrong direction over the past year.” (“Hot Inflation Report Weakens Case for Fed’s June Rate Cut,” The Wall Street Journal, 4/10/2024)“Possibly weighing on sentiment: Some important interest rates that aren’t directly controlled by the Fed have ticked higher recently. Mortgage rates, for example, are closely linked to yields on longer-term U.S. government bonds, which have climbed this year as investors have dialed back their bets on Fed rate cuts.” (“Hot Inflation Report Weakens Case for Fed’s June Rate Cut,” The Wall Street Journal, 4/10/2024)· “The average 30-year fixed mortgage rate has been hovering around 6.8%, according to Freddie Mac, up from 6.6% at the end of last year and 3.7% in late 2019, just before the pandemic.” (“Hot Inflation Report Weakens Case for Fed’s June Rate Cut,” The Wall Street Journal, 4/10/2024)High Inflation Has ‘Been An Especially Startling Jolt To Many Consumers Because The Vast Majority Of Them Had Never Experienced Anything Like It In Their Adult Lives’“Today, U.S. consumers are paying 20% more for milk, about 30% more for bread and more than 50% more for eggs than they were in February 2020, just before the COVID-19 pandemic began, according to the U.S. Bureau of Labor Statistics report Wednesday. Rents are up more than 20% from pre-pandemic levels and electricity costs about 30% more.” (“Why Biden Is Getting Little Credit For The Economy, Especially In California,” Los Angeles Times, 4/10/2024)· “Nationwide, prices for all goods and services have jumped about 20% over the last four years. And it’s been an especially startling jolt to many consumers because the vast majority of them had never experienced anything like it in their adult lives. The last time inflation was at or near double-digits was in the early 1980s, and for most of the last 30 years it’s been close to the Federal Reserve’s 2% target.” (“Why Biden Is Getting Little Credit For The Economy, Especially In California,” Los Angeles Times, 4/10/2024)Rising Energy Prices Are Weighing On Americans: ‘Food Has Been A Worry, But Now Electricity Is The Worry’“Alfredo De Avila grows increasingly frustrated when his electricity bill arrives each month. Price gains for groceries and other household essentials have eased in the past year, but the rising cost of power is still eating into his budget.” (“Power Bills Will Keep Rising Even After the Fed Tames Inflation,” Bloomberg, 4/09/2024)· “‘Food has been a worry, but now electricity is the worry,’ says the 75-year-old retiree. ‘Unless you want to go to candles and firewood, we have no other choice but to bite the bullet and pay.’” (“Power Bills Will Keep Rising Even After the Fed Tames Inflation,” Bloomberg, 4/09/2024)· “For the Oakland, California, resident, that bullet is coming from the state’s biggest electricity provider, PG&E Corp., which hiked bills for residential customers 13% in January. And it says more increases may be coming this year.” (“Power Bills Will Keep Rising Even After the Fed Tames Inflation,” Bloomberg, 4/09/2024)“It’s not just California. Nationwide, residential electricity inflation is outpacing the wider consumer price index.” (“Power Bills Will Keep Rising Even After the Fed Tames Inflation,” Bloomberg, 4/09/2024)“More than three out of every four major metropolitan areas the BLS tracks in the continental US saw power prices rise in the latest month of data—which voters may factor into their assessment of President Joe Biden’s performance when they head to the polls in November.” (“Power Bills Will Keep Rising Even After the Fed Tames Inflation,” Bloomberg, 4/09/2024) Democrats Are Treating ‘Bidenomics’ Like It’s Toxic, Showing They, Too, Lack Confidence In Biden’s Economic Policies “In recent months, though, ‘Bidenomics’ mentions by Biden, Democrats in Congress and others in the party have fallen off a table.” (“Biden, Democrats (Mostly) Ditch ‘Bidenomics,’” Axios, 3/27/2024)· “It’s a shift that amounted to an acknowledgement that the White House’s messaging effort was falling flat with many voters.” (“Biden, Democrats (Mostly) Ditch ‘Bidenomics,’” Axios, 3/27/2024)“By the numbers: Congressional Democrats initially followed Biden’s plunge into touting ‘Bidenomics.’ They used the word 483 times last July in tweets, Facebook posts, press releases and floor statements, according to data from Quorum.” (“Biden, Democrats (Mostly) Ditch ‘Bidenomics,’” Axios, 3/27/2024)“But it wasn’t long before those Democrats were grumbling to Biden’s team that the White House was tone deaf in its branding as voters were struggling with inflation.” (“Biden, Democrats (Mostly) Ditch ‘Bidenomics,’” Axios, 3/27/2024)· “‘Bidenomics’ mentions by congressional Democrats dropped during the fall and now have nearly disappeared, to less than a dozen a month.” (“Biden, Democrats (Mostly) Ditch ‘Bidenomics,’” Axios, 3/27/2024)“But Republicans in Congress can’t stop saying it: They’ve used ‘Bidenomics’ nearly 500 times this month in their public statements, per Quorum.” (“Biden, Democrats (Mostly) Ditch ‘Bidenomics,’” Axios, 3/27/2024)“The president’s shift from ‘Bidenomics’ is part of a broader move toward trying to energize his base ahead of the election, instead of trying to convince swing voters that the economy is better than what they tell pollsters.” (“Biden, Democrats (Mostly) Ditch ‘Bidenomics,’” Axios, 3/27/2024)“By contrast, the campaign’s $20 million-plus in ads last year focused mostly on Biden’s economic record — though the ads didn’t frame it as ‘Bidenomics.’” (“Biden, Democrats (Mostly) Ditch ‘Bidenomics,’” Axios, 3/27/2024)· “The ad buy didn’t move Biden’s poll numbers...” (“Biden, Democrats (Mostly) Ditch ‘Bidenomics,’” Axios, 3/27/2024) ###SENATE REPUBLICAN COMMUNICATIONS CENTERRelated Issues: Inflation, Energy, EconomyPrintEmailTweetPreviousTHE NEWSROOMSENATE RESOURCESABOUT LEADER McCONNELLFacebookTwitterInstagram
