Statement from President Joe Biden on July PCE Inflation Report

Today’s report shows we are making real progress, with inflation falling to 2.5%—continuing at the lowest level in more than three years. Wages are growing more than prices, giving people an extra $1,400 in income since the pandemic. But there is more work to do.

Prices are still too high, and Vice President Harris and I are fighting to lower costs by building 3 million new homes and expanding our prescription drug caps to all Americans. We’re also lowering costs by investing in record energy production. Prices at the pump are almost 50 cents lower than a year ago—the lowest Labor Day gas prices in three years.

Congressional Republicans have a different approach. They want to give massive tax cuts to billionaires and big corporations while raising taxes on hardworking Americans by almost $4,000. Experts agree that their plans would “reignite” inflation—undoing our work to lower costs and grow the middle class. We won’t let them.

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