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Joint Economic Committee Democrats Chairman - Rep. Don Beyer (D-VA)

JEC Chairman on September CPI Release

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 the September Consumer Price Index reading was up 0.4% over the last month on a seasonally adjusted basis, and core inflation, which excludes volatile food and energy prices, was up 0.6% for the second consecutive month. Annual inflation slowed to 8.2% from 8.3% in August. 

“The latest inflation data confirm what households across the country are feeling: Prices remain too high for U.S. workers and families. While overall inflation over the last year has slowed, helped by deflation in energy and used cars, it’s not yet enough.  

“While today’s report is not what we were hoping for, there is some good news for American seniors, who will receive the largest Social Security cost of living increase in more than 40 years to help weather higher prices. At the same time, the latest employment data are showing that the pace of job growth is returning to more normal and stable levels, which is essential to our fight against inflation. 

“Addressing higher prices remains Democrats’ top economic priority, which is why Congressional Democrats and President Biden have worked so hard to pass legislation—like the Inflation Reduction Act and the American Rescue Plan—to cut costs for U.S. households while creating jobs and reducing long-term inflationary pressures. 

“Republicans could be working with us to lower everyday costs and promote strong and sustainable growth. Instead, they are exploiting household economic pain for political gain. Just this week, Republicans signaled their willingness to unleash economy-wide devastation—through lost jobs, higher borrowing costs and billions in lost economic activity—by linking debt ceiling negotiations to cuts in Social Security and Medicare, a proven failure of a strategy that has previously resulted in the downgrading of the U.S. credit rating. Their number one legislative goal, repealing the Inflation Reduction Act, would raise health care and energy costs for millions of Americans, which is exactly the wrong thing to do right now—or ever.”