U.S. Sen. Martin Heinrich

JEC News:

Washington, D.C. — U.S. Sen. Martin Heinrich (D-NM), Chairman of the U.S. Congress Joint Economic Committee (JEC), released the following statement today after the Bureau of Labor Statistics (BLS) reported that prices measured by the Consumer Price Index increased only 0.2 percent in July compared with the 0.2 percent increase in June and the 0.1 percent increase in May.

Data also show that annual prices grew only 3.2 percent, down sharply from the peak rate of 9.1 percent last June.

“Today’s data show that our efforts are bringing down inflation, with the path of price growth nearly in line with the Federal Reserve’s 2 percent target. Families are feeling more relief at the grocery store, and prices are falling for used cars and airfares. And while gas prices were up slightly in July, we’re still far below the prices seen last summer as a result of Putin’s war in Ukraine.

“Today’s news is yet another indication that the Federal Reserve should proceed with caution as they consider whether to further raise interest rates in September.

“We still have work to do to lower the costs of housing, child care, and other household expenses, but today’s data suggest that we are on the right path. I will continue working with my colleagues to promote policies that help bring down prices and provide more good-paying jobs to our communities here in New Mexico and across the country.”