Sen. Rick Scott, R-Fla., is calling for President Biden's resignation in light of a new Bureau of Labor Statistics report showing a Consumer Price Index increase of 8.3% over the past 12 months.
Former Chairman of the council of economic advisers Kevin Hassett argues data from April's consumer price index report shows the Federal Reserve's moves to try and curb soaring inflation are not working.
"While Biden hides, across America we are seeing the highest gas prices in the history of our country, a low labor participation rate, a GDP that is declining and mortgage rates rising." Fox Business reached out to the White House for comment on Scott's statement but they did not immediately respond.The 8.3% CPI increase comes as April 2022 saw an increase of 0.3% from the previous month. The one area that saw a decrease in April was energy, that lowered by 2.7%, but this is still 30.3% higher over the past year.
Gasoline in particular dropped by 6.1% in April after an increase of 18.3% in March. Even with the April reduction, however, the CPI for gasoline is still up 43.6% from one year ago.
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