Biden has been battling negative perceptions of his handling of the economy amid ongoing concerns among American voters about high prices and a potential recession, both of which have subsided significantly.
Inflation is finally on a downward path after being stuck above 3 percent for a year and spiking again in March.
The consumer price index deflated last month for the first time since the pandemic, falling 0.1 percent between May and June, according to data released Thursday.
Prices saw their lowest annual increase since March 2021 last month, up just 3 percent compared with 3.3 percent in May and 3.4 percent in April.
“Today’s report shows that we are making significant progress fighting inflation,” Biden said in a Thursday statement.
“Overall prices fell last month, after staying flat in May, and core inflation is the lowest in more than three years. Prices are falling for cars, appliances, and airfares, and grocery prices have fallen since the beginning of the year.”
The Federal Reserve could cut interest rates before the end of September as employment increases also cool off, easing borrowing costs and potentially sending the stock market soaring ahead of the election.
This should be another feather in Biden’s cap — his economic stimulus measures helped the company recover from the pandemic and likely prevented a more serious downturn, and both gross domestic product and corporate profits reached new highs as the economy even overperformed in the wake of the pandemic.
But as Biden should have been warming up for his economic victory lap, he’s being hamstrung by widespread concerns about his age and acuity.
The Hill’s Tobias Burns has more here.
