Statement from President Joe Biden on the October Consumer Price Index

Today we saw more progress bringing down inflation while maintaining one of the strongest job markets in history. At 3.2%, annual inflation is now down by 65% from the peak. Gas prices are below $3.40 per gallon, reflecting an average decline of $1.65 from the peak after Putin’s invasion of Ukraine. Inflation has come down while the unemployment rate has been below 4% for 21 months in a row—the longest stretch in more than 50 years—while wages, wealth, and the share of working-age Americans with jobs are all higher now than before the pandemic. I’m working to get results for the American people and it’s happening—and I’m not going to let up for one second. I’m fighting every single day to continue lowering costs for hardworking families so they have more breathing room—from eliminating costly junk fees on air fares and event tickets, to cutting prescription drug costs and health care premiums, to reducing energy costs. Instead of joining me, Congressional Republicans are fighting to slash taxes for the wealthy and big corporations, while standing with Big Pharma and other special interests to try to block us from bringing down everyday costs for American families. I won’t let them.


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