Boyle Statement on January Inflation Data

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 inflation rate for January of 6.4 percent:

"Today's report shows that inflation continues to move in the right direction, declining slightly for the seventh month in a row. However, the fact that inflation has dropped more in the United States than in Europe and all our peer nations does not make higher prices any less painful for American families. Congress must do more to address rising costs.

"While the pandemic, global supply chain disruptions, and Russia's invasion of Ukraine have spiked costs around the world, prices have been rising in core sectors for decades. That's why Congressional Democrats and President Biden have been laser-focused on lowering these everyday costs for families, including by passing historic legislation to cap the cost of prescription drugs and lower health care and energy costs.

"No single data point captures the overall health of the economy, but a wide array of indicators — including booming job growth, historically low unemployment, and robust consumer demand — show that the American economy remains strong. As President Biden made clear in his State of the Union address, now is the time to build on our record recovery with responsible and pro-growth investments to increase the productive capacity of our economy, lower costs for families, and create more opportunities for more Americans in the process. Congressional Democrats will continue to work closely with the Biden Administration to keep delivering for working families."

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