"It's great news for the consumer that inflation has slowed dramatically from 40-year highs, but we're still in terrible shape," EJ Antoni, a research fellow for regional economics in the Center for Data Analysis at The Heritage Foundation, told The Daily Signal in a written statement. (The Daily Signal is The Heritage Foundation's news outlet.)

"Real weekly earnings are down 4.6% since January 2021 and prices are up 16% over that same time. Annual inflation has outpaced earnings gains for 26 of the last 30 months," Antoni added. "Even more worrisome is the fact that inflation has settled at 3%, which is about 50% higher than either the two percent target or the 1.8% average we saw from 2009 until the Biden administration."