Statement from President Joe Biden on September 2024 PCE
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Inflation has now fallen to 2.1%—nearly at its 2% target. While critics said we needed a recession to lower inflation, instead inflation has come down while our economy has grown more than 12% over the course of my Administration—the fastest rate of any presidential term in the 21 st century. Incomes are up almost $4,000 after accounting for inflation, and gas prices are down to $3.13 per gallon and below $3 in 21 states. We have more to do. We will keep fighting to lower costs by building
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