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Chairman Beyer on July CPI Data

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 July Consumer Price Index showed inflation was flat at 0.0% over the last month on a seasonally adjusted basis, down from an increase of 1.3% in June. The deceleration slowed annual inflation to 8.5% from a year ago. 

“The latest CPI data show encouraging signs of progress in our fight against higher prices.  

“While this year’s price spikes are continuing to cause economic hardship for workers and families across the country, Democrats in Congress are rising to the challenge. Historic job growth, rapidly falling gas prices and lower inflation all point to one of the strongest economies in generations.  

“And we’re not just lowering costs and bringing down inflation today, we’re also putting our economy on sound and sustainable footing for the future with the Inflation Reduction Act. This legislation represents historic strides to rein in energy and  health care costs, while also cutting the deficit and tackling inflation. Investments in clean energy production and manufacturing will help stabilize energy prices and mitigate economic losses due to climate change. Lowering prescription drug costs will bring down health care costs for millions and slow the pace of inflation. 

“Thanks to the American Rescue Plan and other pandemic relief, we’ve recovered all the jobs lost during the pandemic recession. Combined with the Infrastructure Investment and Jobs Act and the CHIPS Act, Congress and the Biden administration are bringing down the deficit and inflation in the near term, while pursuing pro-growth investments to lower costs for workers and families and promote shared prosperity for the long term. 

“For all their handwringing about inflation, Republicans have offered no solutions and have lined up in opposition to cost-cutting, deficit-reducing, inflation-fighting legislation. Their political posturing at the expense of U.S. workers and families is indefensible.”