Statement from President Joe Biden on the November Consumer Price Index

Today’s report demonstrates continued progress bringing inflation down and lowering costs for American families. Inflation is now at 3.1 percent — down by nearly two thirds from its peak. Inflation has come down while unemployment has remained below 4 percent for the longest stretch in 50 years, which means that workers’ wages and household wealth are higher now than they were before the pandemic, adjusted for inflation. Prices have declined for a number of products over the last year from cars and gallons of gas to TVs, toys, and many appliances to eggs and milk.
 
Despite this progress, I know many Americans still find too many things unaffordable. That’s why I’m fighting to bring down insulin and prescription drug costs, health insurance premiums, and utility bills. I’m fighting to eliminate the hidden junk fees that can really add up for hardworking Americans. And now that our actions have helped rebuild supply chains and brought down input costs, I’m calling on large corporations to pass along the savings to consumers.
 
Republicans in Congress don’t have a plan to lower costs for families. Their only plan is more giveaways for the wealthiest Americans and biggest corporations. They’re siding with special interests to try to block us from lowering the costs of insulin and prescription drugs. They’re still trying to cut Social Security, Medicare, and Medicaid. While Congressional Republicans fight for the wealthy and big corporations, leaving hardworking families to pay the price, I’ll keep fighting to bring down costs and grow our economy with a strong middle class.

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