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 (CPI) increased 0.3% in January. Data also show that annual prices grew 3.1% over the last year.
“While prices rose slightly last month, overall inflation is nearly a third of where it was two years ago. Our economy is still rebalancing, but it remains the strongest in the world, with wages and jobs both higher than pre-pandemic.
“But that doesn’t mean Americans aren’t still feeling the effects of increased prices – mostly thanks to artificial outsized price hikes on things like groceries. Wealthy executives are benefitting from record profits while working families pay the price. Democrats are working to protect consumers and lower prices in other areas by pushing down the cost of prescription drugs and cracking down on junk fees. I’ll keep working to make sure cost savings are passed down to families in New Mexico and throughout the country.”
###
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.
