Sen. Martin Heinrich

JEC News:

WASHINGTON, D.C. — Sen. Martin Heinrich (D-NM), Chairman of the U.S. Congress Joint Economic Committee (JEC), released the following statement after the Bureau of Labor Statistics (BLS) reported that prices measured by the Consumer Price Index (CPI) increased 0.6% in August compared with the 0.2% increase in June and July.

Data also show that annual prices grew only 3.7%, down sharply from the peak rate of 9.1% last June.

“American families are still feeling the effects of inflation, and we have work left to do to lower the costs of groceries, housing, and other key household expenses. In August, families were hit especially hard at the gas pump during peak driving season as refineries shut down due to extreme heat waves. While the numbers look much better than last summer, we must keep working to bring relief to communities in New Mexico and across the country. 

“Despite last month’s increase, recent trends in both inflation and unemployment still suggest that the Fed should stop hiking interest rates.

“I will continue working with my colleagues to promote policies that bring wages up and push inflation down.”