Job Creators Network Responds to June CPI

Alfredo Ortiz, CEO of Job Creators Network, released the following statement in response to the June Consumer Price Index, which fell 0.4% on a monthly basis and rose 3.5% over the past year:

“Inflation is cooling as tensions in the Middle East ease, despite periodic flare-ups. Lower oil prices, driven by expectations of a more stable geopolitical environment, helped bring prices down. Because energy is a key input for virtually every good and service, declining energy costs ripple throughout the economy, easing inflationary pressure more broadly. This latest report reinforces what many of us have argued for months: the recent inflation spike was truly transitory.

“With inflation moderating, additional interest rate hikes some are still calling for should be taken off the table. While those voices are looking in the rearview mirror, Federal Reserve Chairman Kevin Warsh is looking through the windshield. As inflation subsides and interest rates move lower, small businesses will finally be able to capitalize on a more favorable tax and regulatory environment. That combination will encourage investment, expand hiring, raise wages, and help drive stronger economic growth in the months ahead.”