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 0.2% in July. Data also show that annual prices grew 2.9% over the last year, the lowest reading since March 2021. 

“Inflation is down. The price of gas or a new car have fallen over the last year. And many families can now breathe a bit easier. Now, we need to make sure that this relief is reaching all Americans.

“I am frustrated that unnecessarily high interest rates are squeezing families and starting to push up unemployment. The Fed should recognize that inflation is down and cut rates before they cause further harm to the economy.”  

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