Core inflation fell to the lowest level in nearly five years.

WASHINGTON, D.C. – House Ways and Means Committee Chairman Jason Smith (MO-08) issued the following statement after the Bureau of Labor Statistics (BLS) released the Consumer Price Index (CPI) report for November 2025, showing inflation beating expectations and core inflation falling to the lowest level since March 2021, before Democrats’ inflation-causing spending began:  

“One year in, the Trump Administration and Republicans in Congress have made real progress in helping working families make ends meet. Just today, we learned inflation beat expectations and core inflation fell to the lowest level in nearly five years. Under the Biden Administration, annual inflation hit 9 percent and prices rose over 20 percent since the time he entered the White House. Inflation under President Trump has dropped all the way to 2.7 percent and while real incomes went down under Joe Biden, they have only grown this year under President Trump. Gas is at its lowest price since Trump was president in 2020. In Missouri alone, a gallon of gas is $2.54. Republicans prioritize the needs of working families and more relief is on the way with bigger paychecks and the largest tax refunds in history starting in January. President Trump’s tax cuts for working families: no tax on tips, no tax on overtime, no tax on Social Security, no tax on car loans, a bigger Child Tax Credit, larger standard deduction, and small business tax relief that creates jobs and economic growth – put more money in the pockets of families who need it most.”