Washington, D.C. – Today, Senator Martin Heinrich (D-NM), Chairman of the U.S. Congress Joint Economic Committee (JEC), released the following statement after the Bureau of Labor Statistics (BLS) reported that prices measured by the Consumer Price Index (CPI) increased 0.6% in August compared with the 0.2% increase in June and July. Data also show that annual prices grew only 3.7%, down sharply from the peak rate of 9.1% last June.
“American families are still feeling the effects of inflation, and we have work left to do to lower the costs of groceries, housing, and other key household expenses. In August, families were hit especially hard at the gas pump during peak driving season as refineries shut down due to extreme heat waves. While the numbers look much better than last summer, we must keep working to bring relief to communities in New Mexico and across the country.
“Despite last month’s increase, recent trends in both inflation and unemployment still suggest that the Fed should stop hiking interest rates.
“I will continue working with my colleagues to promote policies that bring wages up and push inflation down.”
About Chairman Martin Heinrich
U.S. Senator Martin Heinrich has served the people of New Mexico in the United States Senate since 2012. In addition to his role as Chairman of the U.S. Congress Joint Economic Committee, Heinrich also serves as Chairman of the Subcommittee on Agriculture, Rural Development, and Food and Drug Administration on the Senate Appropriations Committee, and as a member of the Senate Energy and Natural Resources Committee and the Senate Select Committee on Intelligence. Prior to his election to the U.S. Senate, Heinrich served two terms in the U.S. House of Representatives, four years as an Albuquerque City Councilor, as New Mexico’s Natural Resources Trustee, and in AmeriCorps with the U.S. Fish and Wildlife Service.
About the U.S. Congress Joint Economic Committee
The U.S. Congress Joint Economic Committee is Congress’s bicameral economic think tank. It was created when Congress passed the Employment Act of 1946. Under this Act, Congress established two advisory panels: the President's Council of Economic Advisers (CEA) and the JEC. Their primary tasks are to review economic conditions and to recommend improvements in economic policy. Chairmanship of the JEC alternates between the Senate and House every Congress.??