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For Immediate Release

Press Release

Groundwork on New Inflation Report: Companies Are Choosing to Keep Prices High – Despite Decreasing Costs

WASHINGTON -

Today’s Consumer Price Index (CPI) shows year-over-year inflation at 8.6%, with prices up for gas, food, and housing. Groundwork’s Chief Economist Dr. Rakeen Mabud reacted with the following statement: 

“While families are feeling the sting of soaring energy costs, oil and gas companies are cheering the nearly $100 billion in profits they’ve already made this year off families’ pain at the pump. It’s past time for Congress to pass an excess profits tax to stop the outrageous war profiteering by Big Oil.” 

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The  Groundwork Collaborative is dedicated to advancing a coherent and persuasive progressive economic worldview and narrative capable of delivering meaningful opportunity and prosperity for everyone. Our work is driven by a core guiding principle: We are the economy. Groundwork Collaborative envisions an economic system that produces strong, broadly shared prosperity and power for all people, not just a wealthy few.

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