Inflation beat expectations and paychecks continue to rise faster than prices.

WASHINGTON, D.C. – Ways and Means Committee Chairman Jason Smith (MO-08) issued the following statement after the release of the September 2025 reading of the Federal Reserve’s preferred inflation measure, the Personal Consumption Expenditure (PCE) price index:

“Next week, the Federal Reserve should recognize the economy is no longer saddled with Biden’s 9 percent inflation and provide Americans true affordability relief from high interest rates. Keeping rates high simply compounds the challenges facing working families and small businesses today. Just like the first Trump Administration, when real wages grew and Americans had rising take-home pay, wages are growing faster today than prices and reversing the sticker shock brought on by Joe Biden and Washington Democrats. But we know families are still looking for relief. The working families tax cuts will further help families afford essentials like health care, education, and childcare, and it will put more money in pockets, starting with bigger tax refunds in January.”