Congressman Don Beyer (D-VA), Chairman of the US Congress Joint Economic Committee (JEC), on Wednesday said that there was no inflation from June to July.
"This morning we just found out that inflation last month was 0.00%. That was the inflation from June to July," Beyer said.
He added that he was "thrilled to see that GasBuddy yesterday said the average price of gasoline in America was under $4 — $3.99."
Prior to Beyer's statement, the Bureau of Labor Statistics (BLS) released the latest consumer price index, which showed that due to a decline in gas prices, the monthly consumer price index change between June 1 and July 1 was 0.0%.
At the same time, according to the bureau, US consumer prices rose by 8.5% in the year to July.
On August 7, the US Senate passed the Inflation Reduction Act, a climate, health care and tax overhaul, and the House of Representatives is expected to approve it on Friday, before it is sent to Biden for approval.
The inflation reduction bill is the most significant climate investment in US history; it sets conditions for the expansion of oil and gas drilling on federal lands and waters. It includes a new minimum tax designed to ensure that large corporations pay at least 15% of their profits to the federal government, and grants corporations tax subsidies to reduce their commitments.