Former Obama economist says inflation is 'not going away anytime soon'
Former Obama economist Jason Furman rejected any inflation happy talk on Tuesday and said it was not going away time soon.
FIRST ON FOX: Republican lawmakers slammed President Biden after the latest inflation report, with one saying the president is "living in an alternate reality."
The congressional Republicans ripped into Biden on Tuesday after the latest inflation report that saw prices rise by 0.5 points to a 6.4 percent rate in January.
"Just last week Joe Biden took a victory lap on the economy, but today’s report confirms he’s living in an alternate reality than Americans watching prices get higher by the day," House Majority Whip Tom Emmer, R-Minn., told Fox News Digital in an exclusive statement.
INFLATION ROSE 6.4% IN JANUARY
House Majority Whip Tom Emmer, R-Minn., spoke with Fox News Digital ahead of President Biden's State of the Union speech. (Fox News Digital)
"We have to rein in the reckless spending and put America on a path to sustainability for years to come," Emmer said.
Other Republicans in Congress torched Biden, with Arkansas Senator Tom Cotton tweeting "Biden may have stopped caring" about the price hike but "the inflation caused by his policies is far from over."
Republican Colorado Rep. Lauren Boebert tweeted the Democrats’ "Inflation Reduction Act has certainly done nothing to reduce inflation."
Georgia GOP Rep. Andrew Clyde tweeted that last week, "Joe Biden told Americans ‘inflation is coming down.’"
"In reality, inflation rose in January by 0.5% and is up 6.4% from last year," Clyde wrote. "The Biden Administration continues to fail the American people."
The consumer price index (CPI) rose 6.4% in January on an annual basis, hotter than expected, but remained steady compared to last month.
CLICK HERE TO GET THE FOX NEWS APP
The Labor Department reported that the CPI, a broad measure of the price of everyday goods that includes gasoline, groceries and rents, rose 0.5% the month in January after a surprise decline of 0.1% in December.
Annually prices remain above 6% but are down sharply from the 9.1% surge in June, which marked the highest inflation rate in almost 41 years.
FOX News Digital's Breck Dumas contributed reporting.
More from Politics
