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. August’s CPI data shows that there has been a significant rise in inflation during Biden’s presidency, with CPI increasing 0.6% last month and 3.7% over the year in August 2023. Since Biden took office, inflation is up 17.3%. If inflation continued to increase at this monthly rate, CPI would be at 7.4% annualized.

Senator Rick Scott said, “Bidenomics in action means another month of rising inflation that continues to hurt Floridians. As I travel the state to talk to Floridians, inflation is the number one thing that comes up. I recently heard from an 82-year-old Floridian struggling in retirement because of Biden’s skyrocketing inflation crisis. As someone on a fixed income, who saved their whole life for retirement, she can barely make ends meet while already on a frugal budget. She wrote, ‘We elderly do not expect to live high on the hog. We are from the generation that learned to be frugal, but we can’t even afford do that now.’ It’s real people like this Floridian who are struggling that I wish the president would listen to and care about. As Congress considers yet another spending package, I’ll be fighting like hell to force Washington back to fiscal sanity. Since 2019, our population has grown just 1.8% but the budget is up 55%. That’s unsustainable, fueling inflation and must end NOW.”

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

• Transportation Services: 10.3%
• Rent: 7.8%
• Baked goods: 6.8%
• Beef: 6.3%
• Apples: 8.5%
• Candy: 9.4%
• Baby food and formula: 8.4%

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. 

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