CPI Report Shows President Biden Leading Strong Economy as Inflation Flat in May

Jun

2024

PRESS RELEASE

CPI Report Shows President Biden Leading Strong Economy as Inflation Flat in May

Democrats Continue Fighting for Lower Costs for Middle Class

Today, the Department of Labor released the latest consumer price index report showing inflation continues to cool under President Joe Biden as consumer prices did not rise in May over April levels. Meanwhile, Donald Trump pushes an agenda economists warn could supercharge inflation and raise prices across the board on working families.

“Today’s CPI report proves that President Biden is succeeding in his efforts to lower costs for New Mexican families and bring relief to all American consumers,” said Democratic Party of New Mexico Spokesperson Daniel Garcia. “President Biden and Democrats continue fighting to grow the middle class and lower costs, while Trump’s plan is to once again raise prices on working New Mexicans while rigging the economy for himself and the ultra-wealthy.”

While economic growth and employment remain strong, overall inflation is still down by about two-thirds from its peak. The US economy added 272,000 jobs last in May, bringing the total number of jobs created since President Biden took office to a record 15.6 million jobs and almost 100,000 in New Mexico alone.

Trump had the worst jobs record of any president since the Great Depression and his plans could once again supercharge inflation. This November, New Mexicans will see that the choice is clear: President Biden and Democrats will continue fighting for affordability for the working class while Donald Trump would raise prices of everyday essential goods and grant tax breaks to billionaires.