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. December’s CPI data shows that there has been a significant rise in inflation during Biden’s presidency, with CPI increasing 3.4% over the year in December 2023. Since Biden took office, inflation is up 17.4% and marks the 33^rd consecutive month inflation is above 3%.

Senator Rick Scott said, “The U.S. national debt has officially reached a record high of more than $34 TRILLION. Debt matters because it fuels inflation and makes it harder for the federal government to do the things it promised to do for families across the country– like build roads and fund Social Security, Medicare, Medicaid, and national defense. Floridians know that the debt and inflation crises we find ourselves in today were 100% preventable—and they can feel it costing them thousands of dollars per year. But unfortunately, thanks to the Biden administration’s reckless tax-and-spend agenda, hardworking families are forced to pick up the bill. He has abandoned things that should be a priority, and the fact that Biden doesn’t care to fix them is borderline criminal. As Congress considers its funding priorities, we must be sure to be fiscally responsible and hold this administration accountable for the damage they have done. I won’t stop until Washington actually works for the American people, and not in the interests of disastrous policies that are bankrupting families in Florida and across the country.”

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

• Beef: +8.7%
• Baby Formula: +7.3%
• Housing and Rent: +6.2%
• Pet Food: +5.1%
• Fresh Fruits: +3.6%

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. 

###