Boyle Statement on January PCE Inflation Data

WASHINGTON, D.C. — Today, Pennsylvania Congressman Brendan F. Boyle, Ranking Member of the House Budget Committee, released the following statement after the Bureau of Economic Analysis (BEA) reported an annual personal consumption expenditures (PCE) price index of 2.4% for January:

“With January’s PCE data, it’s clear that we are closing in on the Fed’s 2 percent annual target – and that inflation has fallen sharply over the last several months,” said Ranking Member Boyle. “With supply chain shocks resolved and a soft landing well in sight, we are winning the fight against inflation.”

“Compare last year’s bleak predictions from analysts and pundits versus the reality today: wages are going up, unemployment is staying down, and more than 14 million jobs have been created during the Biden presidency. Democrats are delivering on our promises, and we will keep working to lower costs and ensure economic prosperity reaches every family.”

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