Record High Inflation

Published by The Bee News

April 12, 2022

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Today, the Consumer Price Index showed a 1.2% rise in the cost of goods and services from February, up 8.5% in the last year, with energy and food being the largest contributors to rising prices.

Why it matters: Inflation continues to chip away at Americans’ buying power and impact the larger workforce. Rising costs in housing, food, and energy are making it difficult for American families and businesses to get ahead.

  • While monetary policy remains the best tool to fight inflation, policymakers should also be focusing on easing regulations, reducing tariffs, and increasing domestic energy production.

State of play: Rising energy costs continue to impact consumers and businesses, and the administration’s lack of commitment to increased production is hampering our ability to lower costs and improve energy security.

  • The energy industry needs assurances from the administration that increased investment now will not be met with efforts to decrease or end production in the years ahead.
  • It must end its ban on leasing on federal lands, expeditiously begin processing permits, and finalize a new offshore leasing program. Additionally, the U.S. must focus on approving critical energy infrastructure projects.
  • And we must work to reduce emissions globally and transition to non-emitting energy sources. Policymakers must work with industry now to ensure our future energy security.

Be smart: We also remain concerned that the administration and some policymakers continue to blame businesses for rising prices.

  • Inflation is the result of supply and demand. Pandemic-related shocks, a tight labor market, and loose monetary and fiscal policy have limited the supply of many goods and at the very same time boosted demand. This has created broad-based price increases.

Bottom line: To shift the blame to businesses is misguided and only increases the likelihood that the real causes of inflation will not be addressed, prolonging and exacerbating higher prices for families and risking a recession.

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