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 August Consumer Price Index release showed inflation was up 0.1% over the last month on a seasonally adjusted basis, after being unchanged in July. Annual inflation slowed to 8.3% from 8.5% in July.
“Gas prices are falling around the country, easing pressures on household budgets, but August CPI data showed we’re still not out of the woods. Real wages for U.S. workers went up for the second month in a row and inflation is down from its June peak, but it remains too high and is depriving workers and families of the full benefits of our historic recovery.
“Instead of celebrating high inflation to score political points, Republicans should be working with us to build a stronger, more resilient economy.
“While there is still more work to do, Democrats’ actions to address the immediate impact of the pandemic recession and jumpstart our economic recovery have taken hold. The U.S. has recovered more than all the jobs lost during the pandemic recession, and businesses remain eager to bring on more employees. Drawing more workers into the labor force is essential to boosting productivity and fighting inflation. We also learned today that the Supplemental Poverty Measure reached its lowest level ever recorded, demonstrating that Democrats’ efforts and the American Rescue Plan helped keep families afloat during the worst of the pandemic.
“With the Inflation Reduction Act, Democrats are taking on special interests to bring down costs on health care and prescription drugs—major drivers of inflation over the last year—boost energy stability and address climate changeand reduce the deficit. Combined with the Infrastructure Investment and Jobs Act and the CHIPS and Science Act, Democrats are building the foundation for better jobs and more inclusive growth.”