RNC Statement on May Consumer Price Index

Real average weekly earnings fell 0.7 percent since last year, marking the 26th month in a row under Biden in which inflation has outpaced wages.

WASHINGTON – Today, Republican National Committee (RNC) Chairwoman Ronna McDaniel released the following statement on the May Consumer Price Index:

“After taking the economy to the brink of default, Biden and Democrats' reckless spending continues to impact American families. For the 26th straight month inflation has outpaced wage growth under Biden, hardworking Americans are paying the price for this administration’s failed agenda."

Background:

• Biden and Democrats' failed policies are squeezing Americans' wallets and robbing them of their hard-earned money.
• May’s Consumer Price Index soared by 4 percent compared to last year, remaining excessively high and well above the Fed's average target of 2 percent. 
  • Core consumer prices – excluding food and energy – rose by 5.3 percent compared to last year. 
  • Real weekly earnings have fallen every month since Biden and Democrats passed their wasteful $1.9 trillion "stimulus."