Washington, DC – Today, the U.S. Department of Labor's Bureau of Labor Statistics released the March 2024 Inflation Report, revealing that the Consumer Price Index (CPI) has increased by 3.5% over the past year and 19.4% since President Biden took office. This marks the third consecutive month of inflation increases, demonstrating that the Biden Administration's claim that Bidenomics is effective in "tamping down" inflation is unequivocally false. As a result, Kentuckians will continue to feel the impact of higher prices at the gas pump, in grocery stores, and when trying to achieve the goal of homeownership.
"As a senior member of the House Financial Services Committee and Chairman of the Subcommittee on Financial Institutions and Monetary Policy, it is my responsibility to monitor the ongoing inflation crisis, to ensure that the Federal Reserve is working independently to achieve its price stability mandate, and to seek solutions to counteract our national debt," said Congressman Barr. "The Biden Administration's reckless spending and failed policies continue to jeopardize the futures of hardworking Americans, with the average household paying an astonishing $16,368 more a year for the same goods and services than they were on the day Joe Biden took office. The Democrats war against our capital markets and the energy sector are driving up the cost of everything. It is past time to return fiscal sanity to Washington."