Press Releases

Sen. Rick Scott: PPI Data is Clear - Biden is Responsible for the American Inflation Crisis

June 15, 2021

WASHINGTON, D.C. – Today, following the latest Producer Price Index (PPI) release from the Bureau of Labor Statistics (BLS), Senator Rick Scott released the below statement demanding President Joe Biden address the impact of his reckless spending which has created an inflation crisis in America. Similar to May’s Consumer Price Index (CPI) data, May’s PPI data shows that there has been a notable increase in inflation every month of Biden’s presidency.

Senator Rick Scott said, “Today’s PPI report is clear – Joe Biden’s reckless spending has created an inflation crisis in America not seen since the 1970’s, and it’s devastating for our families and small businesses. Under the Biden administration, inflation has grown every month. As prices keep climbing, it’s small businesses and our poorest families, like mine growing up, that are hurt the most. The wasteful spending must end. Last week, I introduced the Federal Debt Emergency Control Act to hold Congress accountable for its awful spending habits and start paying down the debt. We must pass this legislation now.”

Year over year, producer prices increased 6.6% in May – a significant rise from the 6.2% increase reported for the 12-month period ending in April 2021 and the largest 12-month increase since 12-month data were first calculated in 2010. Annualized, the monthly PPI growth rate reached 11.2% in May. In May, the PPI saw a historic surge in the prices of processed goods, which jumped 21.9%, the highest jump since 1975.

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:

 

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