Boyle Statement on September PCE 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 Economic Analysis (BEA) reported an annual Personal Consumption Expenditures (PCE) price index of 2.1 percent for September:

“Today’s PCE data, showing inflation dropping to its lowest level in over three and a half years, demonstrates that the Biden-Harris Administration’s efforts to lower costs for middle-class families in Pennsylvania and across the nation are paying off,” said Ranking Member Boyle. “It also confirms what I have advocated for over a year now: the Federal Reserve made the right decision to cut interest rates and should continue considering further rate reductions. Lower rates will not only support our economic recovery but will also create more breathing room for families. While this progress is promising, more work remains. That is why Congressional Democrats and the Biden-Harris Administration are working to lower costs by allowing Medicare to negotiate prescription drug prices and capping insulin and medication costs for seniors. We will also work to increase housing supply and reduce costs for homebuyers and renters."

“In contrast, MAGA Republicans, through Trump’s Project 2025 agenda, aim to reverse our progress, burdening working families with higher costs and higher taxes. I will continue to stand against this extreme Republican agenda, which prioritizes tax cuts for wealthy donors and billion-dollar corporations at the expense of the middle class.”

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