Boyle Statement on July 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 July of 3.2 percent:

"Today's CPI data shows inflation is down from July 2022's historic highs of 8.5 percent to just 3.2 percent in July 2023 — a dramatic drop and a feat we've accomplished while securing record job gains and stable economic growth," said Ranking Member Boyle. "Bidenomics is working, and Americans are seeing the benefits of an economic agenda that puts workers and middle-class families first. As inflation continues to ease, the Fed must avoid unnecessary and potentially recession-inducing rate hikes."

"Unfortunately, while our nation benefits from an unprecedented recovery thanks to Bidenomics, extreme MAGA Republicans continue their crusade to make devastating cuts to the critical investments that got us here," Boyle continued. "House Democrats passed an agenda that is lowering costs, creating jobs, and growing our economy equitably — and we will defend our progress against a broadly unpopular, dangerous, and tired Republican agenda."

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