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 August. Data also show that annual prices grew 2.5% over the last year, the lowest reading since February 2021.  

“Today’s release is welcome news that inflation continues to fall. The prices of energy and used cars are down. And wage growth is outpacing inflation. But there’s still work to do to ensure families feel relief. At the top of that list is cutting interest rates. 

“I’ve been calling on the Fed for months to cut interest rates. Now Fed officials have finally signaled that they will lower rates next week. It’s past time to make the right choice for families, who have suffered for far too long between high grocery prices and high mortgage rates. The Fed can lighten the load on families by cutting interest rates.” 

 

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