WASHINGTON, D.C. – New data shows inflation increased for a third-consecutive month in May. The President shrugged off concerns for high prices but a Republican House member is offering other solutions to lower costs for Americans.
On Wednesday, the Bureau of Labor Statistics released new data which showed the CPI report increased 4.2 percent over the last year. It’s the fastest increased pace since April of 2023. The latest report from the BLS comes as no surprise to Americans. Many of them have shared concerns about higher prices overall.
In the latest report, higher energy costs drove up the producer price surge. The war with Iran is one of the factors in higher energy costs as major trade routes have been choked off due to the war.
The Federal Reserve is set to meet next week and this latest report could impact whether or not they will change federal interest rates.
When the President was aske don Wednesday whether he is concerned about the latest inflation numbers, here’s how he responded:
“No, I love it,” responded the President. “The numbers were great. You know what I really love? I love the inflation thing. You know why? Because as soon as this war is over. You know, I can say it now. Something you didn’t know. Do you know we’ve been taking out millions of barrels of oil. Nobody knows it. You know who doesn’t know about it? Iran until right now.”
“The topic I’m most concerned about is the price of gasoline,” said Rep. Nick Langworthy (R- NY).
We asked Rep. Langworthy about the latest inflation numbers and what congress is doing to lower costs for Americans. He said first thing is to bring the situation with Iran to a close as soon as possible.
“I have signed onto legislation to create a gas tax holiday,” said Rep. Langworthy. “Some people in my district have to fuel up three or four times a week because they travel long distances to work. A gas tax holiday would bring some immediate relief at the pump and we’ve done it in other times its time we take this seriously now.”
