JEC Chairman Martin Heinrich On Flat October CPI Data

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 today after the Bureau of Labor Statistics (BLS) reported that prices measured by the Consumer Price Index (CPI) were flat in October, compared with the 0.4 percent increase in September. Data also show that annual prices grew only 3.2 percent, down sharply from the peak rate of 9.1 percent in June 2022.

“Annual inflation is down nearly 60 percent since its peak, and wages are up from last year. Prices fell last month for cars and energy and were nearly flat for important items like clothing. As we approach the holiday season, the economy is looking strong for American families.

“With Small Business Saturday just around the corner, it’s more important than ever to support our local entrepreneurs and help boost our local economies. Our small businesses create jobs and form the backbone of our communities, and I’ll be out supporting them this holiday season.”

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