HARRISBURG – Pennsylvania Chamber of Business and Industry President and CEO Gene Barr issued the following statement on November’s record-high annual inflation of 6.8 percent announced Friday, the highest since 1982. The U.S. Labor Department also reported Friday that prices rose sharply again in October, up 0.8 percent from October to November.
“Our economy is already overwhelmed with supply-chain issues, a workforce shortage, and an increase in consumer demand, particularly during the holiday season,” Barr said. “A high inflation rate hampers economic recovery and can be particularly painful on small businesses as they are less able to withstand challenges to their financial goals. As products and services get more expensive, there is no doubt that consumption will continue to fall.”
“As inflation continues to soar, it is time for Congress to halt action on the proposed tax and spend reconciliation bill,” Barr added. “Adding another $150 billion in transfer payments and tax cuts, plus additional spending will be a recipe for disaster for more inflation over the next year. We must continue to prioritize rebuilding our economy, and this bill is a roadblock to long-term economic recovery.”