Administration

Biden cites ‘progress’ in inflation data but admits ‘prices are still too high’

President Biden gives remarks virtually to the Summit on Fire Prevention and Control in the South Court Auditorium on the White House campus in Washington, D.C., on Tuesday, October 11, 2022.

President Biden on Thursday acknowledged that Americans “are squeezed by the cost of living” but touted “progress in the fight against higher prices” after Labor Department data showed inflation accelerated for the second straight month in September.

“Today’s report shows some progress in the fight against higher prices, even as we have more work to do,” Biden said in a statement regarding consumer price index data that showed inflation rose 0.4 percent in September and 8.2 percent over the past 12 months.

Biden noted the annual rate of inflation had decreased from earlier this year.

“But even with this progress, prices are still too high,” he said. “Fighting the global inflation that is affecting countries around the world and working families here at home is my top priority.”

Biden sought to highlight the benefits of his economic agenda, most notably that the passage of the Inflation Reduction Act in August would lower health care premiums and prescription drug costs for millions of Americans.

The inflation report also came on the same day that the Social Security Administration announced beneficiaries would see an increase of roughly $150 per month in their benefits starting in 2023.

But news of rising prices is likely to dominate headlines and pose fresh questions for Biden and Democrats, with less than one month until the midterms, about whether their economic message is resonating with voters.

“While Americans are hurting with no relief in sight, Biden Democrats continue to lie about their reckless policies that have failed families,” Republican National Committee Chairwoman Ronna McDaniel said in a statement. “Wages are down, prices are up, and Democrats have no one to blame but themselves. Americans know a Republican vote in November is a vote for lower prices and a strong economy.”   

The Bureau of Labor and Statistics data pinned the September boost to inflation on rising shelter, food and medical care prices, which overwhelmed a 4.9 percent drop last month in gasoline prices. Without food and energy products, which tend to be more volatile in price, consumer prices rose 0.6 percent.

September marks the second consecutive month of surprisingly strong inflation, which has remained at a near four-decade highs for nearly a year.

Biden will speak in Los Angeles later Thursday about investments in infrastructure, and he will likely address the inflation numbers in his remarks.