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 April Consumer Price Index rose 0.3 % on a seasonally adjusted basis, down from 1.2% in March. As the pace of broader inflation had begun to moderate, Russia’s unprovoked invasion of Ukraine has driven up food and energy prices.
“As inflation continues to deprive workers and families of the full strength of our recovery, getting prices under control is our top economic priority.
“Today’s data show signs of progress, with the slowest monthly increase since last summer and year-over-year inflation dropping. The monthly increase is down 75% since March as encouraging signs on supply chains continue to show up in the details of the report. Used car prices, which have been a major contributor to overall inflation, continued to fall, as did rental car prices, an indication that rebuilt fleets are better able to meet demand.
“However, food and energy prices are straining household budgets, due in large part to Putin’s invasion of Ukraine. Conflict among two of the largest wheat exporters in the world—Russia and Ukraine—is pushing up prices for staple goods, and the impact of war in major energy-producing countries is driving up oil prices.
“While the Fed is best positioned to address short-term inflation, and it has begun raising interest rates in response to our record-breaking economy and to tamp down inflation, Congress has the tools to address long-term inflationary pressures. Democrats are fighting on behalf of U.S. workers and families to grow the economy and lower costs on the most expensive household essentials. This is in sharp contrast to Republicans, who are putting up roadblocks and offering no solutions to help households and families—now or in the future.”