Lawmakers react to October inflation data

Lawmakers react to October inflation data

Lawmakers and incoming lawmakers noted Tuesday that the latest inflation data for October show the economy is still dealing with upward price pressures .

“It’s just another brick in the wall for people that can’t … make it,” Sen.-elect Troy Jackson (D-Maine) told The Hill.

Prices rose by 0.4 percent from September to October, the Bureau of Labor Statistics (BLS) reported Tuesday. Energy, food and shelter prices respectively spiked by 0.7 percent, 0.5 percent and 0.3 percent.

Electricity prices, meanwhile, increased by 0.9 percent from September. That marked the highest monthly jump for the utility since April, the BLS noted.

Rep. Rick Allen (R-Ga.) noted “we know what the drivers are” of persistent inflation, pointing out elevated oil prices.

The average price of gas dipped below $4 per gallon on Tuesday but remains roughly $1 higher than two days before the U.S. and Israel launched the Iran war, according to AAA.

Allen, though, argued the Russia-Ukraine war is “affecting” oil prices “as much” as the Iran conflict, which is in its ninth month.

The Georgia Republican also said prices are in better shape than they were under the Biden administration. In January 2025, the month of President Trump’s second inauguration, annual inflation was 3 percent .

The BLS did not report annual inflation data for October, as last fall’s record-long government shutdown hindered the bureau’s ability to collect data on prices. But annual inflation in September was 3.7 percent .

Sen. Elizabeth Warren (D-Mass.) faulted Trump for persistent inflation, noting Americans are facing high gas, grocery and housing costs.

“Last week, Americans across the country made clear that Donald Trump’s economic agenda is a failure,” Warren added in a statement, referencing Democrats’ midterm victories . “It’s time for Congress to act and deliver relief for families across this country.”

Jackson, who said he wants to join the Senate Banking and Finance committees , struck a similar tone.

The Maine Democrat, fresh off his victory over Sen. Susan Collins (R-Maine) said the latest inflation data is “one more reason” for lawmakers “to try and do some stuff to help people.”

Welcome to The Hill’s Business & Economy newsletter , I’m Max Rego — covering the intersection of Wall Street and Pennsylvania Avenue.

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Key business and economic news with implications this week and beyond:

Michigan Gov. Gretchen Whitmer (D) is pressing Treasury Secretary Scott Bessent and other Trump administration officials to end new tariffs and issue grocery reimbursements for Michigan residents being hit with rising prices.

Senate Minority Leader Chuck Schumer (D-N.Y.) slammed President Trump over his association with Nvidia CEO Jensen Huang following reports about the tech leader having an intimate relationship with alleged Chinese spy Alice Huang.

Christopher Waller, a member of the Federal Reserve board of governors, said Tuesday he may support a half-point interest rate hike next month depending on what economic data indicates.

Oil giant ExxonMobil has taken a major step toward returning to Venezuela to produce oil.

Upcoming news themes and events we’re watching:

Fed Vice Chair Michelle Bowman will speak at the C. Peter McColough Series on International Economics at 6:30 p.m. EST Tuesday.

Philadelphia Fed President Anna Paulson will give a speech at 6:30 p.m. EST Tuesday.

The House Education and Workforce Committee will hold a hearing on the rise of sports gambling among college students at 10:15 a.m. EST Wednesday.

Branch out with more stories from the day:

Khanna calls on Congress to ban sports prediction markets

California Rep. Ro Khanna (D) on Tuesday called on Congress to ban sports prediction markets, raising concerns about how they “fuel addiction” and expose the American youth to “public health risks.”

Business and economic news we’ve flagged from other outlets:

IBM to end immigration sponsorship for roles in biggest unit ( Bloomberg )

GOP’s hold on Florida could chart the future of data centers ( Politico )

Winter is coming. Can Democrats succeed in chilling soaring energy prices? ( States Newsroom )

Former Rep. Mary Peltola (D-Alaska) has expanded her lead over Sen. Dan Sullivan (R-Alaska) in her state’s competitive Senate contest. Read more

Sen. John Thune (S.D.) won re-election to serve another term as Senate Republican leader after a bruising showdown with conservative critics in the Senate Republican conference Tuesday. Read more

Opinions related to business and economic issues submitted to The Hill:

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