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CFO Jimmy Patronis Statement on Inflation Reaching 40-Year Record High of 8.5% in March

4/12/2022

For Immediate Release: Tuesday, April 12, 2022
Contact: Office of Communications,
Communications@MyFloridaCFO.com, 850.413.2842
 
CFO Jimmy Patronis Statement on Inflation Reaching 40-Year Record High of 8.5% in March
 
TALLAHASSEE, Fla. – Today, CFO Jimmy Patronis released the following statement on the release of
March 2022 Consumer Price Index data by the U.S. Bureau of Labor and Statistics. The newest data comes on the heels of reports from both Deutsche Bank and Bank of America that the country may face a recession.
 
CFO Jimmy Patronis said, “March inflation numbers announced this morning are alarming - setting a new 40-year record high at 8.5 percent and driving up the cost of goods and services for every American. Unfortunately, with food costs up nearly 9 percent and energy costs up over 30 percent, there is no end in sight and still no plan from Washington and the Biden Administration. With gas tax cuts and our home hardening initiative, Governor Ron DeSantis and the Florida Legislature have done more to fight increasing costs on households than anything Washington has done.
 
“As the Fed is expected to increase interest rates, major banks are also beginning to think that a recession is a real possibility. I have always believed in hoping for the best while preparing for the worst, and if our country is about to enter a recession, Florida needs to be prepared to weather this storm. As the budget has yet to be sent to the Governor, his veto pen will be an important tool in protecting critical services for hard times – and I hope he uses it.”
 
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About CFO Jimmy Patronis 
Chief Financial Officer and State Fire Marshal Jimmy Patronis is a statewide elected official and a member of Florida’s Cabinet who oversees the Department of Financial Services. CFO Patronis works each day to fight insurance fraud, support Florida’s firefighters, and ensure the state’s finances are stable to support economic growth in the state. Follow the activities of the Department on Facebook (FLDFS) and Twitter (@FLDFS).