NEW YORK, April 29 (Xinhua) -- As U.S. inflation rose to 8.54 percent in March from 7.57 percent in February, having skyrocketed throughout President Joe Biden's first year in office, his signature multi-trillion dollar spending package was blamed as one of the drivers of inflation, Fox Business has reported.

       "Inflation is substantially outpacing wage growth, which means Americans have taken a pay cut under the Biden presidency," Fox Business reported Tuesday, quoting Republican Study Committee chairman Jim Banks.

       "Liberal, (former U.S. President Barrack) Obama White House economists warned the Democrats' reckless spending would hurt working families, but Joe Biden and (Speaker of the House of Representatives) Nancy Pelosi simply don't care and want to spend even more," Banks was quoted as saying.

       Government policies heavily impact inflation, as the federal government is the steward of the market, meaning an increase in government spending or the introduction of more dollars into the market by the government would drastically affect the value of the dollar, according to the report.

       "Americans are already seeing the crimson signs of their dollar not going as far as it used to: gas prices are skyrocketing, rent costs are rising, and food is becoming more expensive," it added.