Smith on CPI Report: Trump Economy Delivering On All Fronts And Just Getting Started

Inflation continues to remain at the lowest level in nearly five years, before the start of Joe Biden's big spending agenda.

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 January 2026, showing inflation again beating expectations:

"The Trump economy is defying the predictions from so-called experts and is delivering for working families on all fronts. Today's report is just the latest evidence that the affordability crisis President Trump inherited is improving for working families. Workers' wages have increased more during President Trump's first year back in office than they did during the entire four years of the Biden presidency. With more income in their pockets, working families see record-setting tax refunds this tax filing season. Inflation is at its lowest level in nearly five years and economic growth is exceeding projections. Even the Congressional Budget Office had to admit the Working Families Tax Cuts will boost growth while delivering historic tax relief. Pro-America tax and trade policy are delivering record investment right here at home. The Trump agenda is a win for working-class families, and we are just getting started."

Key Facts

• Real Income Is Up: Real wages have increased 1.3 percent since January 2025 compared to a 1.6 percent decline during Joe Biden's presidency.
• Largest Tax Refunds In History: Thanks to the Working Families Tax Cuts, taxpayers are receiving the largest tax refunds ever. Refunds could total almost $4,000 per person, the equivalent of five months of groceries.
• Private Sector Creates Jobs, Not Government: Under President Trump, the private sector is growing and creating jobs while the government is shrinking.
• GDP Growing Faster than Expected: GDP grew at an annualized rate of 4.4 percent for the third quarter of 2025, more than double the Congressional Budget Office's projection of 2.0 percent annualized rate.
• Working Families Tax Cuts Boost Economic Growth: The Congressional Budget Office projects the Working Families Tax Cuts boosts both real GDP and private investment as well as lowers unemployment.