Statement from President Joe Biden

Please consider a Statement from President Joe Biden on the December Consumer Price Index

Today's report shows that we ended 2023 with inflation down nearly two-thirds from its peak and core inflation at its lowest level since May 2021. We saw prices go down over the course of the year for goods and services that are important for American households like a gallon of gas, a gallon of milk, a dozen eggs, toys, appliances, car rentals, and airline fares. Despite what many forecasters were predicting a year ago, inflation is down while growth and the job market have remained strong. The economy has created more than 14 million jobs since I took office, and wealth, wages, and employment are higher now than under my predecessor.

Consumer Price Index Change Since January 2020 Key Items

Home Prices (Through October): +45 Percent

CPI: +19 Percent

CPI Excluding Food and Energy: +18 Percent

Rent of Primary Residence: +21 Percent

Food: +25 Percent

Inflation is not down. The CPI is not down. Some cherry-picked items are down from cherry-picked highs.