Boyle on July Inflation Data: “Inflation Is Falling and Wages Are Rising”

WASHINGTON, DC — Today, Pennsylvania Congressman Brendan F. Boyle, Ranking Member of the House Budget Committee, released the following statement after the Bureau of Labor Statistics (BLS) reported an annualized CPI inflation rate for July of 2.9 percent:

“Following yesterday’s expectation-beating PPI inflation reading, today’s CPI inflation data once again shows that we are continuing to make progress lowering inflation for American families,” said Ranking Member Boyle. “There is still more to be done to get working families the relief they need, but the evidence is clear: inflation is falling and wages are rising. It’s past time for the Fed to secure this progress and begin lowering interest rates.”

“While Democrats are working to lower costs and take on corporate price-gouging, extreme MAGA Republicans seem to think American families should pay more to pad the profits of billion-dollar corporations. With Donald Trump’s Project 2025, they’re actually plotting to raise taxes on middle-class families while cutting taxes for Wall Street and massive corporations. House Democrats won’t stop fighting to make sure this backward agenda never becomes reality.”

Ranking Member Boyle has consistently warned of the risk that the Fed’s historically high interest rates pose to our economy. In June, he sent a letter with Senate Budget Committee Chairman Sheldon Whitehouse to Federal Reserve Chair Jerome Powell calling on the Fed to begin lowering rates. This January, he firmly called for the Fed to respect its dual mandate and begin cutting rates in 2024.

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