Effect of US dollar ‘is a lot less’ than it was one to four years ago, says Sen. Shelley Moore Capito
by Kristen Altus
Fox Business
The everyday prices Americans pay for rent, food and gasoline have added pressure to wallets compared to one year ago – but it hits seniors especially hard, according to one Republican senator.
“What people and seniors who look at their accounts probably daily, many of them, they know that when they go to the grocery store and want to get groceries, they’ve got to pay $120 for what they were paying $100 for just last year,” Sen. Shelley Moore Capito, R-W.Va., said on “Mornings with Maria,” Tuesday.
“And that’s worrisome to those that are retiring. They know that they have only a certain amount to be able to retire. They’ve planned well,” she continued, “but the effect of their dollar is much less.”
September’s consumer price index (CPI) from the U.S. Labor Department indicated that inflation rose above economists’ expectations, up 0.2% from the prior month and 2.4% from one year ago.