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 increased only 0.2% in July compared with the 0.2% increase in June and the 0.1% increase in May. Data also show that annual prices grew only 3.2%, down sharply from the peak rate of 9.1% last June.
“Today’s data show that our efforts are bringing down inflation, with the path of price growth nearly in line with the Federal Reserve’s 2% target. Families are feeling more relief at the grocery store, and prices are falling for used cars and airfares. And while gas prices were up slightly in July, we’re still far below the prices seen last summer as a result of Putin’s war in Ukraine.
“Today’s news is yet another indication that the Federal Reserve should proceed with caution as they consider whether to further raise interest rates in September.
“We still have work to do to lower the costs of housing, child care, and other household expenses, but today’s data suggest that we are on the right path. I will continue working with my colleagues to promote policies that help bring down prices and provide more good-paying jobs to our communities here in New Mexico and across the country.”
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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.
