Griffith says Americans feeling the burn of inflation
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Dec. 5—Area residents are still paying more for everyday necessities due to inflation, according to U.S. Rep. Morgan Griffith, R-Va.
In his weekly media report, Griffith said Republican members of the U.S. Senate Joint Economic Committee recently analyzed Consumer Price Index and Consumer Expenditure Survey data and found that, due to inflation, the typical American household must now spend an additional $11,434 annually in order to have the same standard of living as they had in January of 2021.
However, most citizens don't have an extra $11,000 a year to spend on everyday necessities, Griffith said.
Griffith, who represents Virginia's 9th Congressional District in the U.S. House of Representatives, points to a recent AP/NORC poll where 69 percent of the respondents said their household expenses have risen over the last year. However, of those surveyed, only 23 percent said their income increased during the same period.
According to Bureau of Labor Statistics, since President Joe Biden took office, the consumer price index (or cost of goods and services) is up 17.1 percent, Griffith said. Meanwhile average hourly earnings are only up 13.6 percent.
"Americans all around the country are feeling the burn from inflation," Griffith said in his weekly report.
He said the situation will become even more challenging for families this winter.
"As December begins, Virginians have begun to experience cold winter weather once again," Griffith said. "Lows so far have reached the teens in some areas and that means it's time to crank up the heat in our homes to stay warm. Unfortunately, for many, turning on the heat comes with extra costs these days. Due to energy policies enacted in the Obama years and continued during the Biden administration, the cost of energy has been driven up. These increased energy costs have in turn been one of the major contributors to the high inflation we've experienced in the past few years."
In early November, Griffith said the U.S. Energy Information Administration released its winter fuel outlook for the 2023-24 season. According to the agency, southern states are projected to see their electricity bills increase by 2 percent, the cost of propane increase by 6 percent and the price of heating oil increase by 8 percent.
— Contact Charles Owens at cowens@bdtonline.com
— Contact Charles Owens at cowens@bdtonline.com. Follow him @BDTOwens
