WASHINGTON, D.C. – Today, following the latest Consumer Price Index (CPI) release from the Bureau of Labor Statistics (BLS), Senator Rick Scott released the below statement highlighting the need to implement substantive fiscal reforms to end the ongoing inflation crisis fueled by the Biden administration’s reckless tax-and-spend agenda. November’s CPI data shows that there has been a significant rise in inflation during Biden’s presidency, with CPI increasing 3.1% over the year in November 2023. Since Biden took office, inflation is up 17.4%.

Senator Rick Scott said, “For almost three years, Joe Biden’s inflation crisis has forced families into making tough decisions, and it isn’t getting any easier—especially during the holidays. The toll that Biden’s skyrocketing inflation is having on America’s poorest families, like mine growing up, is heartbreaking. As a kid who grew up in public housing, I watched my mom struggle to get us through the holidays and it makes me furious to know that Biden’s horrific inflation is putting millions of Americans through that same hardship. Since Biden took office, Americans have lost $11,400 worth of buying power, the average car payment has reached a record high, the national credit card debt has reached over $1 trillion, the national debt has surpassed $33 trillion, and the interest on our debt is costing taxpayers $981 billion this year. President Biden has put America in a terribly weak fiscal position and it is not just devastating for our country, but for every hardworking American family.”

According to today’s CPI release, price increases over the year include:

• Beef: +8.7%
• Gravy: +8.0%
• Baby Formula: +7.6%
• Rent: +6.5%
• Peanut Butter: +6.5%
• Pet Food: +5.6%
• Breakfast Cereal: +4.0%

Since being elected to the U.S. Senate, Senator Scott has repeatedly urged action to address America’s debt crisis and the harmful effects of inflation. Click HERE for a comprehensive list of his statements and actions on this urgent issue and HERE for Senator Scott’s Quarterly Economic Snapshot.

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