Statement from National Economic Advisor Lael Brainard on October 2024 PCE and Third Quarter 2024 GDP

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Today’s data show inflation has fallen to 2.3%, similar to the level before the pandemic, while our economy has continued to expand by nearly 3% per year. After a hard-fought recovery, we are making progress for working families. Gas prices are close to $3.00 per gallon—the lowest for any Thanksgiving week since the pandemic—and the cost of a Thanksgiving meal has fallen two years in a row, providing needed relief during the holidays. Household incomes are up almost $4,000 more than prices

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