Top House Republican says inflation still hurting families despite it falling below 3%

A top House Republican argued that inflation is still hurting families despite it falling below 3% on Wednesday.

Consumer prices rose 2.9 percent in the year through July, according to the U.S. Bureau of Labor Statistics' latest Consumer Price Index data.

Joint Economic Committee Vice Chairman David Schweikert, R-Ariz., said that cumulative CPI inflation (not seasonally adjusted) is up 20.2% since President Biden and Vice President Harris took office.    

“Though hardworking Americans received positive news this morning that inflation continued to slow in July, overall prices are still up more than 20% and real average weekly earnings are down 3.9% since the beginning of the Biden-Harris administration,” said Schweikert in a statement.

“From day one, this administration’s radical agenda has been a rubber stamp for growth-slowing tax hikes and runaway inflationary spending that have dramatically reduced Americans' purchasing power and standard of living. It’s no wonder that consumers have declining confidence in President Biden and Vice President Harris to improve their financial standing after three-and-a-half years of economic calamity,” he added.