The Facts
New data from the Commerce Dept. released on Friday showed that the price index tracking personal consumption expenditure (PCE) grew by 5.2% since a year ago.
Including food and energy prices, the overall PCE reached its highest point in four decades, hitting 6.1% since Jan. 2021.
The Spin
Republican narrative
Democrats have tried to dismiss the rise in inflation, but Americans aren't buying it. Prices are soaring and working-class Americans are losing years of wage gains. Bidenflation is real and it's being felt across the political spectrum.
Democratic narrative
Oil and gas companies are making record profits. People are paying record prices. This is an artificial cost increase, and only temporary. Democrats are doing their best to address it, with proposals such as a gas tax holiday, but Republicans must also come up with solutions.
