Statement from President Joe Biden on July PCE Inflation Report | The White HouseSkip to contentThe White HouseThe White House The White House Home AdministrationPrioritiesThe RecordBriefing RoomEspañol InstagramOpens in a new windowFacebookOpens in a new windowXOpens in a new windowYouTubeOpens in a new window Contact UsPrivacy PolicyCopyright PolicyAccessibility Statement MenuCloseTo search this site, enter a search termSearchMobile Menu OverlayAdministrationShow submenu for “Administration””President Joe BidenVice President Kamala HarrisFirst Lady Dr. Jill BidenSecond Gentleman Douglas EmhoffThe CabinetExecutive OfficesShow submenu for “Executive Offices””Council of Economic AdvisersCouncil on Environmental QualityDomestic Policy CouncilGender Policy CouncilNational Economic CouncilNational Security CouncilNational Space CouncilOffice of Intergovernmental AffairsOffice of Management and BudgetOffice of the National Cyber DirectorOffice of National Drug Control PolicyOffice of Public EngagementOffice of Science and Technology PolicyOffice of the United States Trade RepresentativeClimate Policy OfficePresidential Personnel OfficePrioritiesBriefing RoomThe White HouseShow submenu for “The White House””PresidentsFirst FamiliesThe GroundsOur GovernmentGet InvolvedShow submenu for “Get Involved””Write or Call The White HouseJoin UsWhite House FellowsWhite House Internship ProgramThe RecordDisclosuresEspañol Contact UsPrivacy PolicyCopyright PolicyAccessibility Statement InstagramOpens in a new windowFacebookOpens in a new windowXOpens in a new windowYouTubeOpens in a new window The White House 1600 Pennsylvania Ave NW Washington, DC 20500 To search this site, enter a search termSearchAugust 30, 2024 Statement from President Joe Biden on July PCE Inflation Report Home Briefing Room Statements and Releases 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.### Stay ConnectedSign UpEmail Address* RequiredZIP CodePlease leave blank.We'll be in touch with the latest information on how President Biden and his administration are working for the American people, as well as ways you can get involved and help our country build back better. Opt in to send and receive text messages from President Biden. ShareShare this page on FacebookShare this page on Xhttps://www.whitehouse.gov/briefing-room/statements-releases/2024/08/30/statement-from-president-joe-biden-on-july-pce-inflation-report/?utm_source=link HomeThe AdministrationExecutive OfficesPrioritiesThe RecordBriefing RoomThe White HouseDisclosuresGet InvolvedEspañol Contact UsPrivacy PolicyCopyright PolicyAccessibility Statement InstagramOpens in a new windowFacebookOpens in a new windowXOpens in a new windowYouTubeOpens in a new window The White House 1600 Pennsylvania Ave NW Washington, DC 20500 WH.gov Scroll to Top Scroll to Top Top
