WASHINGTON, D.C. – Today, the Bureau of Labor Statistics released the Consumer Price Index (CPI), which measures the change over time in the price of consumer goods. The new numbers for April 2022 show a 0.3% rise in the cost of goods and services from March, up 8.3% in the last year, with energy and food being the largest contributors to rising prices.
Following the release of April's CPI data, Neil Bradley, Executive Vice President and Chief Policy Officer at the U.S. Chamber of Commerce, released the below statement:
“Inflation is happening because too much money is chasing too few goods – it’s economics 101. While the Federal Reserve focuses on the demand side through raising rates to cool the economy, only the administration and Congress can address the policy sides affecting inflation – workforce, energy, and tariffs are three key places to start.
“The U.S. economy has 11.5 million open jobs, but three million fewer workers than if labor force participation was equal to the pre-pandemic level. Getting people back to work and expanding legal immigration are key to taming inflation.
“Record high gas prices are hurting businesses and families alike. We need additional U.S. energy production, but that requires investment that is possible only if the administration sends clear signals that they will support domestic production not just in the near-term, but over the medium term.
“The U.S. is imposing record levels of tariffs – which are just taxes – on both finished goods and intermediate products used in American manufacturing. These tariffs distort markets and cost American families approximately $1,200 a year in increased costs according to the non-partisan Congressional Budget Office. It is past time to begin providing tariff relief to American families and businesses.”