Administration of Joseph R. Biden, Jr., 2022

October 13, 2022

Americans are squeezed by the cost of living: That's been true for years, and they didn't need today's report to tell them that. It's a key reason I ran for President. Working to give middle class families some breathing room in dealing with their costs is critical.

Today's report shows some progress in the fight against higher prices, even as we have more work to do. Inflation over the last 3 months has averaged 2 percent, at an annualized rate. That's down from 11 percent in the prior quarter.

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

Because of my economic plan, the United States is in a stronger position than any major economy to take on this challenge. And my policiesâthat Democrats deliveredâdirectly tackles price pressures we saw in today's report, like health care. The Inflation Reduction Act locks in lower health care premiums for 13 million people, lowers seniors' prescription drug prices, and caps their out of pocket expenses for prescription drugs at the pharmacy at $2,000 per year. The Inflation Reduction Act will also lower families' energy costs in the months ahead.

Republicans in Congress' number-one priority is repealing the Inflation Reduction Act. That's the exact wrong thing to do in this moment. If Republicans take control of Congress, everyday costs will go upânot down.

NOTE: The statement referred to H.R. 5376, which was approved August 16 and assigned Public Law No. 117â169.

Categories: Statements by the President : Consumer Price Index data, Bureau of Labor Statistics report for September.

Subjects: Economy, national : Inflation; Economy, national : Strengthening efforts; Elections : 2022 congressional elections; Energy : Gasoline, oil, and natural gas costs; Health and medical care : Cost control reforms; Health and medical care : Prescription drugs, affordability and costs; Labor, Department of : Bureau of Labor Statistics.

DCPD Number: DCPD202200915.

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