Hoeven Outlines Impact of Historic Inflation, Energy & Food Price Increases on Americans

Senator Pushing Back on Biden Administration’s Burdensome Tax & Regulatory Policies

WASHINGTON – During remarks delivered on the floor of the U.S. Senate this week, Senator John Hoeven outlined the impact of historic inflation and price increases on American consumers. Hoeven pushed back on the Biden administration’s policies, including its burdensome tax and regulatory agenda, which are driving costs even higher, particularly for the U.S. energy and agriculture industries.

“Americans are facing soaring inflation that has not been seen in generations. The price increases families are seeing at the grocery store, at the pump, in monthly electric bills and for basic housing needs have far outpaced wage gains and left Americans struggling to make ends meet. The numbers speak for themselves: in 2022, annual average inflation reached 8 percent, the highest level in 40 years… In 2022, the food-at-home price index, which measures grocery prices, rose 18.6 percent, reaching heights not seen since the Carter administration.

“These increases are driven by the Biden administration’s continued regulatory overreach, failure to empower our domestic energy producers and failed economic policies. Our producers are facing increased prices for diesel fuel, fertilizer, crop protection products and more. New regulations from this administration threaten to drive up their cost of production even further.

“We need to unleash America’s vast energy reserves – that is the right solution to lower prices and help provide hardworking families and businesses relief from the record inflation that has been caused by the policies of the Biden administration.” 

Hoeven’s full remarks can be viewed here.