Reduce Exacerbated Inflation Negatively Impacting the Nation Act

Floor Speech

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Mr. YAKYM. Mr. Chair, my amendment is a simple one. It would require that the President's inflation analysis include not just a top-line estimate but also a breakdown to the CPI's three major subgroups: food, energy, and all items less food and energy.

Americans are navigating inflation rates not seen in generations, and their dollar isn't going far enough because wages aren't keeping up. It is no wonder that a recent Gallup poll found that 50 percent of Americans say they are worse off financially than just a year ago, and that is a level not seen since the Great Recession.

Let me be clear: We have this generational inflation thanks to 2 years of runaway spending. I will grant that the pandemic caused massive disruptions to our economy, supply chains, and our way of life. It was going to be a bumpy ride coming out of that.

However, policies like the American Rescue Plan that were rammed through Congress without a single Republican vote threw gasoline on the fire and supercharged inflation. With one hand, the government was giving away money, and with the other hand, they were taking it right back, and then some, due to inflation.

Yet, Americans have essentially been told not to believe their lying eyes. They were assured that inflation would merely be ``transitory,'' even as it spiraled higher. They were told it was all Vladimir Putin's fault, even though energy inflation averaged just over 21 percent in 2021, the year before Russia invaded Ukraine.

Congress passed the Inflation Reduction Act--again, without a single Republican vote. The only problem with the Inflation Reduction Act is that it doesn't actually reduce inflation.

Everyday Americans' experience with inflation has made one thing abundantly clear: Not all inflation is created equal. Energy and food inflation are particularly harmful. There is no more kitchen-table issue than food inflation. There is no more readily available reminder of the toll of inflation than the price at the pump.

Energy and food inflation impact every single American and hit those living paycheck to paycheck especially hard. Seniors and others on fixed incomes have watched helplessly as costs have risen beyond their ability to keep up.

My amendment will ensure that the President keeps food and energy costs front and center before signing an executive order by breaking out the inflation analysis down to CPI's three main subgroups: food, energy, and all items less food and energy.

An overall inflation figure is not enough. Last month's inflation reading showed a 6.4 percent year-over-year rise in top-line inflation, but let's drill down one level deeper. Food inflation was 10.1 percent, and energy inflation was 8.7. This has been the story for the last 2 years. Energy inflation has outpaced overall inflation for 24 of the last 24 months, and food inflation has outpaced overall inflation for 13.

The top-line number simply doesn't tell the entire story. Drilling down one level deeper in the inflation analysis will increase transparency for the American people. It will focus attention not just on inflation but on the type of inflation.

If the President wants to sign an executive order that, for example, bans new energy production, the American people deserve to know how that order will impact energy inflation.

Mr. Chair, I urge my colleagues to support my amendment, and I reserve the balance of my time.

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Mr. YAKYM. Mr. Chairman, I yield 1 minute to the gentleman from Kentucky (Mr. Comer).

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Mr. YAKYM. Mr. Chairman, I urge my colleagues to support this amendment, and I yield back the balance of my time.

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