Lubbock Times

WASHINGTON, D.C. – Today, the Bureau of Economic Analysis (BEA) reported that the Personal Consumption Expenditures (PCE) price index, the Federal Reserve’s preferred measure of inflation, rose to 2.7 percent for the month of March. This is an increase from February’s 2.5 percent.

House Budget Committee Chairman Jodey Arrington (R-TX) expressed concern over the recent inflation numbers, stating, "Today, the Bureau of Economic Analysis (BEA) reported that inflation, as measured by the Personal Consumption Expenditures (PCE) price index, rose by an alarming 2.7 percent. Since Biden took office, prices have increased by a total of 18.9 percent. This means that the average family of four is paying an additional $16,726 per year or $1,393 per month to purchase the same goods and services."

Arrington also commented on the government's role in the inflation surge, saying, "Once Biden lit the fire of inflation by excessive spending and then proceeded to pour gasoline on it by increasing taxes and regulation, it was bound to burn through our economy and family budgets for a while."

The recent increase in PCE inflation comes on the heels of a Consumer Price Index (CPI) report that showed inflation at 3.5 percent, the highest rate in six months.

For more information on related economic indicators, readers can refer to Chairman Arrington’s statements on GDP rising by 1.6 percent for Q1 of 2024 and the March inflation rate coming in at 3.5 percent.