As the First Anniversary of the Inflation Reduction Act Approaches, Inflation Rate Sinks to the Lowest in Two Years
WASHINGTON, D.C. — Today, the U.S. Bureau of Labor Statistics released the June Consumer Price Index (CPI) report, which shows that the inflation rate increased by .2% this month. This comes almost one year after the passage of the Inflation Reduction Act, which is already easing the burdens of high prices for working people.
This drop in inflation is part of a long line of economic successes resulting from legislation like the Inflation Reduction Act the Administration has implemented, including lowering healthcare costs, adding over 13 million jobs, and making long-needed infrastructure investment and wage gains leading to the highest job satisfaction ever. And yet, House Republicans are still attempting to take this progress away from working Americans by doubling down on handouts and sweetheart deals for the wealthy and corporate special interests, trying to repeal parts of the Inflation Reduction Act, and threatening to increase costs and cut necessities for working families, seniors, and veterans.
Unrig Our Economy campaign director Sarah Baron released the following statement:
“The June CPI reports show that the economy is moving in the right direction thanks to the passage of legislation aimed at lowering costs for everyday working Americans. With lower healthcare costs and millions of jobs added, Americans are seeing economic progress. However, House Republicans are still attempting to rob the American people of this progress by doubling down on handouts to billionaires and corporations, even trying to repeal parts of the IRA, all to give the top 1% more tax breaks. Unrig our Economy will continue to fight for a fair and just economy in which corporations and the wealthy not only pay their fair share but pay more in taxes.”