LATEST DATA SHOWS SIGNS OF REAL PROGRESS ON INFLATION AS PRESIDENT BIDEN REMAINS FOCUSED ON LOWERING COSTS

FOR IMMEDIATE RELEASE: May 27, 2022
PRESS CONTACT: [email protected]

LATEST DATA SHOWS SIGNS OF REAL PROGRESS ON INFLATION AS PRESIDENT BIDEN REMAINS FOCUSED ON LOWERING COSTS

MarketWatch: “U.S. inflation rate slows to 6.3%, PCE shows, in sign price pressures could be near peak”

Reuters: “U.S. consumer spending increases strongly; rise in inflation slows”

WASHINGTON, D.C. — After the release of the April PCE report, Building Back Together Executive Director Danielle Melfi released the following statement:

“Today’s report shows annual inflation declining and the lowest increase in prices in over a year and a half – evidence of the real progress we’re making as President Biden remains laser-focused on taking on inflation and lowering costs for working and middle class families. We’ve experienced record economic growth in the past year, and today’s data further shows that the United States is making progress towards stable, steady growth that works for working families.

“The steps President Biden has already taken to address inflation – including unprecedented releases from the Strategic Petroleum Reserve to lower gas prices – are leading to real results for American families. The MAGA party is taking the opposite approach: they’ve put forward proposals that would raise taxes on most Americans, including over half of small business owners, phase out Medicare and Social Security, and raise health care costs by repealing the Affordable Care Act. It’s clear who’s working to lower costs and increase economic growth for working families: President Biden.”

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