Washington, D.C.—Today, Senator 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 increased only 0.1% in May 2023, down from the 0.4% increase in April and the 0.1% increase in March. Data also show that annual prices increased 4.0%, significantly below the peak of 9.1% in June 2022.
“Today’s inflation report shows continued progress in our ongoing efforts to bring down inflation. Compared to this time last year, when the prices of gas and food were spiking in the wake of Russia’s invasion of Ukraine, we are now seeing lower prices at the pump and at the grocery store.
“The price of eggs, which dominated news coverage earlier this year in the wake of an avian flu outbreak, fell 14% last month. And the supply chains that bring goods from around the country and around the world to U.S. consumers are now in much better shape, which helps bring down costs throughout the economy.
“While we still have work to do to bring down prices throughout the economy, these promising signals point to the progress we have made in the fight against inflation.”
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About Chairman Martin Heinrich
U.S. Senator Martin Heinrich has served the people of New Mexico in the United States Senate since 2012. In addition to his role as Chairman of the U.S. Congress Joint Economic Committee, Heinrich also serves as Chairman of the Subcommittee on Agriculture, Rural Development, and Food and Drug Administration on the Senate Appropriations Committee, and as a member of the Senate Energy and Natural Resources Committee and the Senate Select Committee on Intelligence. Prior to his election to the U.S. Senate, Heinrich served two terms in the U.S. House of Representatives, four years as an Albuquerque City Councilor, as New Mexico’s Natural Resources Trustee, and in AmeriCorps with the U.S. Fish and Wildlife Service.
About the U.S. Congress Joint Economic Committee
The U.S. Congress Joint Economic Committee is Congress’s bicameral economic think tank. It was created when Congress passed the Employment Act of 1946. Under this Act, Congress established two advisory panels: the President's Council of Economic Advisers (CEA) and the JEC. Their primary tasks are to review economic conditions and to recommend improvements in economic policy. Chairmanship of the JEC alternates between the Senate and House every Congress.??
