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 June compared with the 0.1% increase in May and the 0.4% increase in April. Data also show that annual prices grew only 3.0%, down sharply from the peak rate of 9.1% seen last June.
“Today’s data shows that we’re continuing to make progress in our efforts to bring down inflation, and price growth is close to the Federal Reserve’s 2% target. American families are feeling relief at the gas pump and in the grocery store, and this month’s data show that inflation is especially slowing in key categories like new and used cars and airfares.
“We still have work to do to lower the costs of housing, child care, and other household expenses, and I will continue working with my colleagues to promote policies that will bring prices down and bring 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.
