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 0.4% in March. Data also show that annual prices grew 3.5% over the last year, slightly higher than the 3.2% reading in February.
“While inflation remained higher in March, yearly inflation is still down nearly two-thirds since its peak. At the same time, wages and salaries continue to grow faster than prices, outpacing price growth since January 2021 by nearly $4,800 based on recent data.
“There’s still work to be done to lower everyday costs. One of the biggest expenses for families is child care, and that’s why I’m holding a hearing this afternoon to examine ways we can invest in early childhood education. When families have access to affordable and reliable early childhood education, it makes it easier for caregivers to work, afford necessities like groceries and rent, and save for retirement – not to mention the benefits it has for children’s academic outcomes and future job prospects. States like New Mexico are leading the way in providing accessible child care and pre-K to every family, and I’m looking forward to discussing how we can address funding shortfalls on the federal level.”
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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.
