Sen. Martin Heinrich

JEC News:

WASHINGTON, D.C.— Sen. 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 0.3 percent in December.

Data also show that annual prices grew 3.4 percent over the last year.

“We ended 2023 on a strong note for our economy. While inflation rates rose slightly last month, inflation was still down more than 60 percent since its peak in 2022. Despite some of the bleakest predictions, we have avoided a price spiral where costs rise exponentially, and our economy is rebalancing.

“And in more good news, while inflation fell last year, wages went up – outpacing inflation since the beginning of 2021 by over $3,500 as of last October. Wage growth for low- and middle-income earners has especially grown, at 6 percent and 5.6 percent respectively over the last year.

“American families are still facing some economic struggles. Housing and homeownership are increasingly unaffordable, in part due to the Fed’s recent rate hikes. Meanwhile, rental costs have been climbing over the past decade and many lower-income families are being priced out of their current neighborhoods. I’ll continue working this year with my colleagues in Congress and the Biden Administration toward solutions that reshape the housing market, increase housing supply, and aim to put affordable housing within reach for all Americans.”