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Joint Economic Committee Chairman Beyer on February CPI Data: “We’re experiencing record-breaking GDP growth and job creation, but Putin’s invasion of Ukraine is pushing up food and gas prices”

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From Rep. Don Beyer (D-VA08), Chairman of the U.S. Congress Joint Economic Committee (JEC):

Joint Economic Committee Chairman Beyer on February CPI Data

Washington, D.C.—Congressman Don Beyer (D-VA), Chairman of the U.S. Congress Joint Economic Committee (JEC), released the following statement after the Bureau of Labor Statistics reported the February Consumer Price Index rose 0.8% on a seasonally adjusted basis, up from January’s 0.6%. As broader inflation had begun to moderate, Russia’s military buildup at the Ukrainian border and the unprovoked invasion drove up food and energy prices and started to reverse recent gains.

“This morning’s inflation data continue to show how global events are straining household budgets and how American families continue to bear the burden of higher prices.

“Thanks to investments put into place by President Biden and Democrats in Congress, our economy is recovering faster than predicted. We’re experiencing record-breaking GDP growth and job creation, but Putin’s invasion of Ukraine is pushing up food and gas prices, and pandemic-induced supply chain backlogs are depriving workers of the full benefits of the strongest wage growth we’ve seen in years.

“This underscores the importance of investments to lower costs for workers and families, ensure households can make ends meet now and build overall economic resilience to unpredictable global economic shocks. 

“Nearly one third of the increase in inflation in February was due to higher gas prices, exacerbated by President Putin’s unprovoked brutality against the people of Ukraine. Banning Russian oil and energy imports, as the House voted to do yesterday on a bipartisan basis, holds Russia accountable for its war and does not affect prices in this report. President Biden has released more oil from the Strategic Petroleum Reserve, and investigations into energy price gauging along with diplomatic efforts to increase production to replace Russian energy supplies have prevented gas prices from rising higher.

“Democrats are fighting for investments that insulate workers and families from energy price volatility by investing in clean energy and lower household costs for essentials like child care and health care. These commonsense investments are vital to putting us on the path to building a better America. It is long past time for Republicans to work in a bipartisan fashion to advance policies that will support our shared prosperity.”

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About Congressman Beyer  
Congressman Don Beyer is currently serving his fourth term in the U.S. House of Representatives, representing Northern Virginia suburbs of the nation’s capital. In addition to his role as Chairman of the U.S. Congress Joint Economic Committee, Beyer serves on the House Committee on Ways and Means and the House Committee on Science, Space and Technology, where he chairs the Subcommittee on Space and Aeronautics. Previously, Beyer served as the Lieutenant Governor of Virginia and Ambassador to Switzerland, and built a successful family business over the course of four decades.  

About the U.S. Congress Joint Economic Committee  
The U.S. Congress Joint Economic Committee is Congress’s bicameral economic think tank. It was created when Congress passed the Employment Act of 1946. Under this Act, Congress established two advisory panels: the President’s Council of Economic Advisers (CEA) and the JEC. Their primary tasks are to review economic conditions and to recommend improvements in economic policy. Chairmanship of the JEC alternates between the Senate and House every Congress. 

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