JEC Chairman on November CPI Release
Washington, December 13, 2022
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 that monthly Consumer Price Index (CPI) inflation slowed to 0.1% on a seasonally adjusted basis in November and annual inflation slowed to 7.1%, down from 7.7% in October. Core inflation, which excludes volatile food and energy prices, slowed to 0.2%, down slightly from 0.3% in October.
“After slowing in October, inflation cooled again in November—another welcome sign for workers and families across the country. And although it remains too high, annual inflation fell to 7.1% and reflects the smallest 12-month increase since December 2021.
“This deceleration exceeded expectations and is creating even more breathing room as we head into the holiday season. Some of the largest declines have been on household essentials like gas and medical care, and with airfare and hotels down, more people will be able to celebrate with their loved ones. Used car prices, which were consistently high earlier in the pandemic, have fallen for five consecutive months and were down 2.9% in November.
“A range of indicators underscore our overall economic strength. Since President Biden came into office, the U.S. has created more than 10.5 million jobs, recovering more than all that were lost during the pandemic recession. The unemployment rate has fallen to nearly the lowest in 50 years, and third quarter GDP was up 2.9%—above expectations.
“Coming out of the worst economic crisis since the Great Depression, Democrats invested in workers, families and small businesses to jumpstart our recovery and pave the way for steady and stable growth. Democrats have helped create jobs, lower out-of-pocket health costs and expand access to affordable health insurance. From the American Rescue Plan to the Infrastructure Investment and Jobs Act, and from the CHIPS and Science Act to the Inflation Reduction Act, today’s economic strength and resilience are a testament to those investments.”