Bidenflation Reaches New Historic Mark – Highest In More Than 40 Years
Boise, Idaho – Governor Brad Little commented today on inflation reaching a new historic high under President Joe Biden’s watch, and he said more tax relief is on the way as Idahoans continue to receive immediate tax rebates to offset the burden of Bidenflation.
The Bureau of Labor Statistics released new inflation data today for the month of June revealing consumer prices increased yet again with an inflation rate that rose to 9.1-percent. This 1.3-percent increase is up 0.3-percent from last month, marking the highest annual inflation since 1981.
The burden on consumers across every sector of the economy continued for another month, with:
- The gasoline index, up 59.9-percent
- The food index, up 10.4-percent
- The energy index, up 41.6-percent
- Used cars and trucks, up 7.1-percent
- Utility (piped) gas, up 38.4-percent.
CPI increased 1.-percent% on a monthly basis (May 2022 to June 2022), which is higher than last month which was up 1.0-percent for all items, reflecting:
- The food index increased 1.0-percent
- The energy index increased 7.5-percent
- The gasoline index increased 11.2-percent
“In Idaho, we saw the mounting potential for a recession months ago and took action early on to provide working Idaho families immediate and ongoing tax relief to help. Idaho families right now are receiving historic tax rebates and will see lower state income taxes in the years ahead.
“Since I took office close to four years ago, Idahoans have benefited from $1 billion in tax relief, and the Idaho Legislature and I worked together this year to pass an additional $1.5 billion in tax relief measures going forward as part of my ‘Leading Idaho’ plan.
“And, with another year of budget surplus before us, Idahoans can expect we will turn back even more of their hard-earned money to help offset the burden of Bidenflation.
“In Idaho, our government lives within its means, we prudently save for rainy days, we turn money back to the taxpayers, and we keep taxes and regulations low. This is why Idaho’s economy continues to surge ahead, and it is the reason we top the charts for economic growth and employment. While other states are forced to consider tax increases to keep their budgets in the black, Idaho is focused on cutting taxes to ensure an environment where employers can thrive and Idahoans and keep more of what they earn, all while investing where it counts so we can keep up with growth,” Governor Little said.
Idaho has deployed close to 652,000 income tax rebates to households so far this year, totaling more than $225 million. The Legislature approved $350 million in immediate tax rebates this year as part of Governor Little’s “Leading Idaho” plan, so thousands more households will receive their checks before the end of 2022.