Statement from President Joe Biden on the May Consumer Price Index | 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 termSearchJune 12, 2024 Statement from President Joe Biden on the May Consumer Price Index Home Briefing Room Statements and Releases Prices are still too high, but today’s report shows welcome progress on lowering inflation, which was zero on a monthly basis in May and is down nearly two-thirds from its peak. Core inflation is at its lowest level since April 2021, grocery prices have fallen for four months in a row, and gas prices are below $3.50 on average across the country. Wages are rising faster than prices, and unemployment has remained at or below 4% for the longest stretch in 50 years. I know many families are feeling squeezed by the cost of living, which is still too high. That is why I am fighting to lower costs for hardworking Americans by increasing rental assistance and building 2 million new homes; taking on Big Pharma to lower prescription drug prices; calling on grocery chains making record profits to lower grocery prices; and investing in affordable clean energy while record energy production is lowering gas prices now. Republicans have a different approach, one that cuts taxes for the wealthy and large corporations, allows special interest like Big Pharma and Big Oil to keep prices high, and “supercharges” inflation by imposing across-the-board tariffs. They’re fighting for billionaires on Park Avenue—I’m fighting for families like the ones I grew up with in Scranton.### 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/2024/06/12/statement-from-president-joe-biden-on-the-may-consumer-price-index/?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
