Inflation data from the Bureau of Labor Statistics released today show that prices increased 0.5% in January 2023, compared with the 0.1% increase in December of last year. Data show that annual prices increased 6.4%, significantly below the peak of 9.1% in June 2022. 

“Today’s numbers show that inflation remains elevated, and we still have work to do,” said Chairman-Designate Martin Heinrich (D-NM). “I am encouraged that American families have seen inflation cool since last summer. A gallon of gas now costs $1.62 below its peak after Putin’s invasion of Ukraine, but families are still feeling the pinch of higher prices. While yearly inflation has fallen steadily for seven months in a row, now is not the time to let up. That includes quickly putting an end to Republican’s debt limit threats, which will – if they continue – force serious costs on the American people.”