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New study to provide key data on inflation

NASHVILLE, Tenn. (WSMV) – Prices continue to rise at the gas pump and inside grocery stores across America.

A new report will show how much inflation is hurting our wallets as gasoline prices hit an all-time high and many are wondering when or if those numbers will drop.

New data is released by the Bureau of Labor Statistics on the Consumer Price Index for April and how prices have changed over the past year. In March, the growth rate was 8.5%.

President Joe Biden spoke about his efforts to fight inflation and bring down consumer prices, also saying rising gas prices have been fueled, in part, by Russia’s war in Ukraine.

President Biden reminded Americans of his efforts to lower gas prices by releasing 1 million barrels of oil per day from the Strategic Petroleum Reserve.

Plus, he’s asked Congress to pass measures from his Build Back Better plan that Democrats couldn’t advance last year, like cutting child care and long-term care costs. , funding the construction of one million affordable homes through tax credits, and cleanly passing energy and vehicle tax credits that would save families money on their bills of public services.

“My plan is already in motion,” President Biden said. “I brought the world and other countries to join us in coordinating the largest release of oil from our stockpiles in the country’s history, 240 million barrels to boost global supply.”

President Biden has said that the two main causes of inflation we are seeing now are a once-a-century pandemic and Putin’s war.

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