NASHVILLE, Tenn. (WZTV) — The Labor Department on Thursday released a report showing consumer prices were up 7.5% in January compared to last year. It’s the highest reading since February 1982.

U.S. Senator Bill Hagerty (R-TN) is blaming President Joe Biden for the surge, calling it a “nightmare” for Americans on fixed incomes.  “As confirmed by today’s Consumer Price Index, President Biden’s spending-fueled, historic inflation hasn’t lost any steam,” Hagerty said in a statement. “It’s going up like a rocket, and Americans are feeling it.”

Sen. Hagerty warns the administration is touting economic success while taxpayers “see right through the smoke and mirrors.” He suggests relief from higher prices come from “pro-growth economic policies” and advises Washington to change course.

JP Morgan projects oil prices to jump to $120 a barrel if tensions in Ukraine derails Russia’s crude oil exports. Gas prices hit a seven-year high last week as the national average hovered around $3.423 per gallon.

Full statement from Hagerty:

As confirmed by today’s Consumer Price Index, President Biden’s spending-fueled, historic inflation hasn’t lost any steam. It’s going up like a rocket, and Americans are feeling it. Instead of rising wages, Tennessee workers are facing pay cuts in real terms, net of inflation, and their savings are being depleted from runaway increases in the cost of everyday goods. It’s a nightmare for those on fixed incomes. In their alternate reality, the Biden Administration might tout economic ‘success,’ but the American people see right through their desperate smoke and mirrors when all Democrats want to do is continue to tax and spend. Americans need relief from these higher prices with sound, pro-growth economic policies, which means the party that controls Washington—Democrats—needs a course correction.