Inflation is up over 9% from last year, making it the fastest pace for inflation in 40 years. Prices for gas, groceries, and housing are all skyrocketing. In June, energy prices surged 7.5%, up more than 41% for the year. In Washington, D.C. rent prices are up 15%, while New York City is up 33%, 18% in Charlotte, and a whopping 40% in Portland, Oregon. The cost of groceries has increased at least 1% every month for the past six months.
One area where inflation is rising more slowly is drug prices. They are up 2.5% over the past year. Instead of focusing on the area with the slowest rate of inflation, lawmakers need to address areas where we are seeing the highest prices. Senate Democrat’s reconciliation approach to control drug pricing is the wrong choice.