Kelly, Formica Respond: Inflation Rises More Than Expected in August

September 13, 2022

U.S. Inflation Increased 8.3%, Rising Even Further than Expected


HARTFORD – Senate Republican Leader Kevin Kelly (R-Stratford) and Senate Republican Leader Pro Tempore Paul Formica (R-East Lyme) released the following statement in reaction to the August Consumer Price Index report released today which shows inflation rising even further than expected:


“Connecticut’s Democratic leaders cannot continue saying all is well in our state. This is not news to anyone who has their feet firmly planted in the middle-class. Fuel oil has increased 68.8% since last year, grocery prices are up 13.5%, and health insurance has increased over 24% — the highest year over year increase ever recorded. The stock market had one of its worst days in years, putting people’s retirement at risk. This is a crisis for every working- and middle-class family. And CT Democrats have failed to make Connecticut more affordable or provide the relief our families need.


“In Connecticut, inflationary increases cut even deeper. Home heating assistance has evaporated, and CT Democratic lawmakers are refusing to restore vital home energy relief to seniors and the most vulnerable. Democratic lawmakers refused to repeal their new taxes on meals and trucks that transport our food, which will only cause prices to climb even higher. And the Governor’s administration just approved double digit health insurance rate increases, after years of health care costs growing astronomically and Democratic legislators failing to make health care more affordable. At the same time, CT has the second highest taxes in the nation, coming in dead last when adjusted for cost-of-living. Food insecurity is rising. Wage increases are not keeping up with cost of living increases. CT Ranks 46th in the nation for personal income growth post-pandemic and 45th in the in the nation for opportunity. While the U.S. has recovered all jobs lost during the pandemic, CT isn’t expected to do the same until June of next year.


“There is a Better Way. CT Senate Republicans offered common sense solutions to curb the pain of historic inflation. But every Democratic lawmaker in Connecticut voted against over $1.2 billion in tax relief to ease burdens on our families, including a 1% permanent cut in the income tax. They rejected our calls to bolster home heating assistance for working- and middle-class families. And they refused to even hold a vote on proven and achievable solutions to drive down health care costs by 30%.


“What good is an overflowing bank account for the state – filled with taxpayers’ own money – if we cannot even help our families when they are facing the most devastating affordability crisis in a generation? In Connecticut, the strategy of Democratic lawmakers has made the rich get richer, the poor get poorer, and hindered the growth of opportunity and jobs. Inflation under President Biden is only worsening the problems Connecticut families know all too well with historic new burdens.”


U.S. Inflation (year over year comparison, September 13, 2022 CPI report)

  • Fuel Oil +68.8%
  • Gas Utilities +33.0%
  • Gasoline +25.6%
  • Electricity +15.8%
  • Food at home +13.5%
  • Transportation +11.3%
  • New Cars +10.1%
  • Overall CPI +8.3%
  • Food away from home 8.0%
  • Used Cars +7.8%
  • Shelter +6.3%
  • Rent +6.7% largest since 1986
  • Medical Care +5.6%
  • Health insurance +24.3%