Press Releases

Congressman Don Beyer (D-VA), Chairman of the U.S. Congress Joint Economic Committee (JEC), released the following statement after the Bureau of Labor Statistics reported the March Consumer Price Index rose 1.2% on a seasonally adjusted basis, up from February’s 0.8%. As the pace of broader inflation had begun to moderate, Russia’s unprovoked invasion of Ukraine has driven up food and energy prices, reversing recent gains.

“As predicted, today’s inflation data show how Putin’s price hikes have exacerbated the strain on U.S. household budgets, depriving workers and families of the full benefits of our robust recovery.

“The only way out of this is through it, and that is why Democrats in Congress are laser focused on helping workers and families weather this storm while making investments to ensure long-term economic growth. Lowering out-of-pocket costs on health care, child care and housing will help workers meet their needs now and build economic resilience for the future.

“The United States is experiencing the fastest economic growth in nearly 40 years and a labor market rebound that has exceeded all expectations—with 7.9 million jobs created and unemployment falling to nearly pre-pandemic levels—thanks, in large part, to the American Rescue Plan and other pandemic relief measures.

“Despite these record-breaking economic gains and significant progress to address supply chain disruptions, Russia’s war against Ukraine pushed up prices on food and energy, which accounted for more than 75% of inflation in March. Notably, used car prices, which have contributed so much to inflation over the past year, fell sharply for the second consecutive month.

“Time and time again, Republicans have blocked efforts to provide relief to American households while offering no plan to help families manage today’s higher prices.

“Now is the time to double down on investments in workers and families to lower costs on the most expensive household essentials, address inflationary pressure long term and pave the way for broadly shared economic growth.”