(WJHL) – The federal government has confirmed what many consumers have already figured out: It’s costing more to live.
The Consumer Price Index is up five percent, which is the the highest rate of inflation since 2008.
United States Senator Bill Hagerty (R-Tenn.) said Thursday that the increase in inflation is hurting Tennessee’s poorest families and the state’s workforce. Hagerty blamed the policies of the Biden administration.
“President Joe Biden’s partisan trillion-dollar spending sprees are raising prices on groceries and gas and everything in between,” Hagerty said.
Hagerty said he believes prices will only continue to climb unless action is taken.
“Unless our supply chains normalize quickly to meet pent-up demand from the pandemic, this tax hike on the American people will continue and could go even higher,” Hagerty said.
Hagerty also said in a tweet that the rising costs are a “clear and immediate tax on the middle class.”
Milligan University Economics Professor David Campbell told News Channel 11 on Wednesday that he does not expect the inflated prices to go anywhere anytime soon.