President Joe Biden hailed falling inflation and slammed Republicans following a new report on rising prices.
Inflation dropped a tenth of a percentage point to 3.1% for the year ending in November, the Bureau of Labor Statistics reported Tuesday in an update to the consumer price index, a welcome if incremental development as the Federal Reserve grapples to contain prices.
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“Today’s report demonstrates continued progress bringing inflation down and lowering costs for American families,” Biden said in a prepared statement. “Inflation is now at 3.1 percent — down by nearly two thirds from its peak.”
The president also pointed to sub-4% unemployment to make the case that real wages are up since early 2020. While prices are still rising overall, Biden’s statement says that some products are now cheaper than they were last year, including cars, gas, TVs, toys, eggs, and milk.
“Despite this progress, I know many Americans still find too many things unaffordable,” he said. “That’s why I’m fighting to bring down insulin and prescription drug costs, health insurance premiums, and utility bills.”
Biden’s statement contrasts that approach with Republicans, who he says “don’t have a plan to lower costs for families” and are “siding with special interests to try to block us from lowering the costs of insulin and prescription drugs.”
Notably, the statement does not use the term “Bidenomics” but does say that the president is “calling on large corporations to pass along the savings to consumers.” This appears to reflect a new phase in the White House’s economic messaging.
The president blamed corporations for refusing to lower prices in a post on X last week.
Let me be clear to any corporation that hasn’t brought their prices back down even as inflation has come down: It’s time to stop the price gouging.
Give American consumers a break.
— Joe Biden (@JoeBiden) November 30, 2023
That earned a community note stating that “as long as the inflation rate is positive, prices are increasing.” Nonetheless, it’s a message Biden alluded to again in his November inflation statement.
The Republican National Committee released its own statement putting inflation squarely on Biden’s shoulders.
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“Inflation remained high in November at 3.1 percent — double what it was when Biden took office,” RNC spokesman Jake Schneider wrote. “Core inflation, which strips out food and energy costs, rose by four percent over last year and remains double the Fed’s long-term target. Under Biden, inflation has averaged 5.8 percent — more than double the level of inflation under any of the last four presidents.”
The GOP is also focusing on how much prices have risen since Biden took office, saying food prices are up 20.3%, rent is up 18.6%, and electricity is up 24.3%.
