“It’s not just rising real incomes; lower prices at the grocery store and gas pump are giving families more breathing room after suffering under Biden policies.”

WASHINGTON, D.C. – House Ways and Means Committee Chairman Jason Smith (MO-08) released the following statement after the Bureau of Labor Statistics (BLS) released the Consumer Price Index (CPI) report for July 2025, beating expectations and showing a decline in prices for food eaten at home and gasoline prices: 

“The bottom line is six months in, workers have more money today in their pocket than the day President Trump took office, and there’s more to come. It’s not just rising real incomes; lower prices at the grocery store and gas pump are giving families more breathing room after suffering under Biden policies. President Trump’s tax relief and trade agenda is delivering on every front. Instead of facing a $1,700 tax increase, working families will instead get an average $600 tax cut from The One, Big, Beautiful Bill, the economy is booming, and record tariff revenue is making America richer and our trade relationships fairer for American workers, farmers, and businesses. The One, Big, Beautiful Bill will continue to power our economy by locking in permanent tax relief for manufacturers, small businesses, and farmers. Working families are already starting to feel the difference between the economic turmoil of the Biden years and the prosperity and growth under President Trump.”