Washington DC [US], June 24 (ANI): In a landmark move to address the nation's housing affordability crisis, President Donald Trump is set to sign the 21st Century ROAD to Housing Act into law on Wednesday at 12:00 PM (local time) on Capitol Hill.

In a post on X, the US Press Secretary Karolilne Leavitt recognised the law as 'one of the most significant pieces of housing affordability legislation in American history.' She stated that the bill serves as a direct legislative response to the President's call to prioritise American families over large corporations in the housing market.

'Tomorrow at 12 PM on Capitol Hill, President Trump will sign into law the 21st Century ROAD to Housing Act, one of the most significant pieces of housing affordability legislation in American history. This bipartisan bill includes policies long championed by the President,' she wrote.

Highlighting the benefits of the legislation, the Press Secretary said, 'It cuts unnecessary red tape, helps increase housing supply, and limits the ability of large institutional investors to purchase single-family homes.'

She affirmed that the law aims to lower housing costs and make US President Donald Trump's vision and the 'American Dream' of homeownership more accessible to families across the nation.

'As the President has said, homes should be owned by American families, not large corporations. President Trump promised to lower housing costs, and he is delivering, making it easier for every family to achieve the American Dream of homeownership. Tomorrow's historic bill signing is another promise made, promise kept,' she noted.

https://x.com/PressSec/status/2069598788960862561?s=20

The law comes after the United States' economic data for April highlighted a persistent climb in the cost of essentials.

Yearly inflation ticked up to 3.8 per cent for the 12 months ending April, from 3.3 per cent before, according to data released by the US Bureau of Economic Analysis (BEA).

The data showed spending growth was driven by categories such as gasoline and other energy goods, housing and utilities, recreation services, food services and accommodation, healthcare services and food and beverages.

Energy prices drove much of April's rise but cooled sharply. They jumped 3.8 per cent after a 10.9 per cent surge in March. Gasoline rose 5.4 per cent.

Shelter costs rose 0.6 per cent. Owners' equivalent rent and rent each increased 0.5 per cent. Lodging away from home surged 2.4 per cent. Over the year, shelter is up 3.3 per cent.

Food prices gained 0.5 per cent after being flat in March. Food at home rose 0.7 per cent. Meats, poultry, fish and eggs climbed 1.3 per cent, led by beef's 2.7 per cent rise. Fruits and vegetables were up 1.8 per cent. Yearly food inflation stands at 3.2 per cent.

Core inflation, excluding food and energy, rose 0.4 per cent. Household items gained 0.7 per cent, airline fares jumped 2.8 per cent and personal care rose 0.7 per cent. Yearly core CPI is up 2.8 per cent.

Overall, inflation is still running higher than a year ago, but the pace of monthly price increases has cooled. The biggest pressure points remain energy and housing, which affect almost every household budget. (ANI)