Chairman Smith on PCE Report: Falling Gas Prices Puts More Money in Working-Class Americans’ Pockets

WASHINGTON, D.C. - Ways and Means Committee Chairman Jason Smith (MO-08) released the following statement after the release of the May reading of the Personal Consumption Expenditure (PCE) price index, showing core inflation rose 3.4 percent, and Q1 2026 gross domestic product (GDP) reading, showing GDP increased 2.1 percent on an annualized basis:

"Gas prices have fallen six weeks in a row as families are seeing the benefits of the Trump Administration's efforts to stabilize the Middle East. Lower energy costs will only continue to lower inflation from the 21 percent Biden price spike that made the cost of living unaffordable for working-class Americans. Republicans in Congress delivered the largest tax refunds on record and bigger paychecks through the Working Families Tax Cuts that put more money back into the pockets of workers, families, small businesses, and farmers who benefitted from No Tax on Tips, No Tax on Overtime, No Tax on Social Security, a larger Child Tax Credit, and the larger standard deduction.

"America is poised for robust economic growth because of Republican economic policies championed by President Trump and the Ways and Means Committee. Permanent, pro-growth tax policy is sparking record investment into new facilities and equipment across the country that will create more jobs for working families. Manufacturing grew this month at the fastest level in five years, and factory orders exceeded projections as President Trump's tax and trade agenda fuels demand for Made in America goods produced by American workers."