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This month’s Consumer Price Index report put the 12-month inflation rate at 6.4 percent. The last time inflation rates were as high as they’ve been under President Biden’s administration, he was a young Senator in his first decade in office.

“For me, like many of you, this is the worst inflation of my lifetime,” says Chase Oliver, who ran for Georgia’s U.S. Senate seat in 2022 and whose support forced a runoff. “Like most Americans, I feel the pinch of inflation when I’m buying my groceries or putting gas in my car. The policymakers in DC have lost touch with you, and this is why the president downplayed inflation in the State of the Union address.”

The annual inflation rate is 6.4 percent for the 12 months ending January 2023, according to the Feb. 14 CPI report by the U.S. Bureau of Labor Statics. Inflation had been 6.5 percent in December, the lowest rate in 2022. Last year's peak was 9.1 percent in June. While the approximate 3 percent drop in inflation is causing some reprieve for Americans, it is not enough, especially with the average price of eggs alone approaching $5 a dozen. The last time inflation rates exceeded the 6 percent average for an entire year was in 1982.

“We need to restore prosperity by reducing inflation and stabilizing the purchasing power of the dollar,” says Oliver, dubbed the nation's "Most Influential Libertarian” by Rolling Stone. “The government must stop printing money out of thin air to pay for increasingly unsustainable spending and relax business to create more jobs while increasing supply to meet demand.”

Oliver launched his presidential exploratory committee after the Dec. 5 runoff election. Delegates choose the Libertarian presidential candidate at the party’s national convention May 24-26 2024 in Washington D.C.

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